(SOLVED) Use the Motorsports of Miami data in Short Exercise to


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$19

Use the Motorsports of Miami data in Short Exercise to compute the following: (Enter all amounts in thousands.)Motorsports of Miami, Inc.Income StatementYear Ended December 31, 2010(In thousands)Service revenue……………………. $770Cost of goods sold……………….. 330Salary expense…………………….. 40Depreciation expense …………… 30Other expenses……………………. 170 Total expenses…………………….. 570 Net income ………………………… $200_x0001_a. New borrowing or payment of long-term notes payable. Motorsports of Miami had only one long-term note payable transaction during the year.b. Issuance of common stock or retirement of common stock. Motorsports of Miami had only one common stock transaction during the year.c. Payment of cash dividends (same as dividendsdeclared).

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$19