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Maritime Transportation (MT) began 2020 with accounts receivable, inventory, and prepaid expenses totalling $64,000. At the end of the year, MT had a total of $77,000 for these current assets. At the beginning of 2020, MT owed current liabilities of $50,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $5,000 gain on the sale of land and depreciation expense of $10,000. Show how MT should report cash flows from operating activities for 2020. MT uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted or a net decrease in cash.) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses Decrease in current liabilities Net cash provided by operating activities Motorcars of Sudbury Inc. reported the following financial statements for 2020: E (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Compute the following: a. New borrowing or payment of long-term notes payable. Motorcars of Sudbury had only one long-term note payable transaction during the year. b. Issuance of common shares or repurchase of common shares. Motorcars of Sudbury had only one common share transaction during the year. c. Payment of cash dividends (same as dividends declared). Comparative balance sheet (Enter all amounts in thousands.) of long-term notes payable is $thousand. a. The b. The of common shares is thousand. C. The payment of dividends is sthousand. Motorcars of Sudbury Inc. Comparative Balance Sheet As at December 31, 2020, and 2019 , (in thousands) Income statement Assets 2020 2019 $ 50 $ 40 29 27 15 18 Current: Cash Accounts receivable Inventories Prepaid expenses Long-term investments Property, plant, and equipment 2020 2019 Liabilities Current: $ 27 $ 18 Accounts payable 60 47 Salary payable 74 85 Accrued liabilities 10 9 Long-term notes payable 58 78 Shareholders' Equity Common shares 228 183 Retained eamings $ 457 $ 420 == 42 Total 68 Motorcars of Sudbury Inc. Income Statement For the Year Ended December 31, 2020 (In thousands) Sales revenue Cost of goods sold Salary expense Depreciation expense 50 $ 740 47 33 252 390 248 $ 457 $ 420 Total 50 40 190 Other expenses 670 Total expenses Print Done $ 70 Net income Print Print Done