Use the Motorsports of Miami data in Short Exercise to compute the following: (Enter all amounts in thousands.)
Motorsports of Miami, Inc.
Income Statement
Year Ended December 31, 2010
(In thousands)
Service revenue......................... $770
Cost of goods sold.................... 330
Salary expense.......................... 40
Depreciation expense ............... 30
Other expenses......................... 170
Total expenses.......................... 570
Net income .............................. $200

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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Motorsports of Miami, Inc. Comparative Balance Sheets December 31, 2010 and 2009 (In thousands) Assets Current 2010 2009 Liabilities Current: 2010 2009 Cash Accounts receivable... Inventory Prepaid expense $ 28 $ 11 54 43 77 89 Accounts payable.. 48 43 24 19 54 26 16 69 Accrued liabilities 6 5 Long-term notes payable Long-term investments. Plant assets, net 54 79 229 188 Stockholders' Equity Common stock Retained earnings Total 48 38 241 $448 $415 $448 으 $415 Total