1: Reference 2: Reference Motorsports of Miami, Inc. Income Statement Year Ended December 31, 2018 (In thousands) $ 750 Service revenue Cost of goods sold 380 Salary expense 60 Depreciation expense 70 120 Other expenses 630 Total expenses 120 Net income Motorsports of Miami, Inc. Comparative Balance Sheets December 31, 2018 and 2017 (In thousands) Assets 2018 2017 Liabilities 2018 2017 Current: Current: Cash 28 $ 14 Accounts payable 50 $ 43 Accounts receivable 55 41 Salary payable Inventory 70 85 Accrued liabilities Prepaid expenses 3 Plant assets, net 226 2 Long-term note payable 187 * * 30 26 14 17 60 i Long-term investments 56 72 Stockholders' Equity Common stock 46 35 234 220 Retained earnings 438 $ 401 438 $ 401 Total Total 2. Motorsports of Miami, Inc., reported the following financial statements for 2018: 1(Click the icon to view the income statement.) Read the requirement. 2(Click the icon to view the comparative balance sheets.) a. Calculate the new borrowing or payment of long-term notes payable. Motorsports of Miami had only one long-term note payable transaction during the year. The (1) of long-term notes payable is $ thousand. b. Calculate the issuance of common stock or retirement of common stock. Motorsports of Miami had only one common stock transaction during the year. The (2) of common stock is $ thousand. c. Calculate the payment of cash dividends (same as dividends declared). The payment of dividends is $ thousand