Use the Thompson Turf Trim- LO 3 onson Turf Trimmers had S11-9. (Learning Objective 3: Calculate financing cash flows) Use the Thompson mers data in Short Exercise 11-8 to calculate the following; enter all amounts in thon a. New borrowing or payment of long-term notes payable. Thompson Turf Trim only one long-term note payable transaction during the year. b. Issuance of common stock or retirement of common stock. Thompson Turf Trim had only one common stock transaction during the year. c. Payment of cash dividends (same as dividends declared). Thompson Turf Trimmers, Inc. Income Statement Year Ended December 31, 2018 $ 790 400 30 2 (In thousands) 3 Service revenue 4 Cost of goods sold 5 Salary expense 6 Depreciation expense 7 Other expenses 8 Total expenses 9 Net income 200 640 $ 150 2018 2017 2018 Thompson Turf Trimmers, Inc. Comparative Balance Sheets December 31, 2018 and 2017 2 (In thousands) 3 Assets 4 Current: Cash Accounts receivable 7 Inventory Prepaid expenses 9 Plant assets, net u Long-term investments $ 24 $ 56 29 $ 46 25 6 2017 Liabilities Current: $ 20 Accounts payable 48 Salary payable 86 Accrued liabilities 11 Long-term note payable 80 Stockholders' Equity Common stock Retained earnings $ 427 Total 182 13 Total $ 448