E Question Help S11-9 (similar to) Motorvehicles of Philadelphia, Inc., reported the following financial statements for 2018 (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheets.) Read the requirement a. Calculate the new borrowing or payment of long-term notes payable. Motorvehicles of Philadelphia had only one long-term noto payable transaction during the year. of long-term notes payable is $ thousand The i Reference -X Motorvehicles of Philadelphia, Inc. Income Statement Year Ended December 31, 2018 (In thousands) Service revenue $ 720 Cost of goods sold 360 Salary expense 60 Depreciation expense 40 140 Other expenses 600 Total expenses $ 120 Net income Print Done PH Reference 1 me ev Motorvehicles of Philadelphia, Inc. Comparative Balance Sheets December 31, 2018 and 2017 bn du (In thousands) Assets 2018 2017 2018 2017 Liabilities Current: $ $ 49 21 $ 51 55 $ 33 29 Current: Cash Accounts receivable Inventory Prepaid expenses Plant assets, net Long-term investments 74 15 18 8 65 51 229 20 Accounts payable 43 Salary payable 85 Accrued liabilities 7 Long-term note payable 185 71 Stockholders' Equity Common stock Retained earnings 411 Total 54 47 34 222 230 $ Total 437 $ $ 437 $ 411 Print Done