4. Tatooine Telecommunications obtained a $44,000 note receivable from a customer on June 30, 2021. The note, along with interest at 6%, is due on June 30, 2022. On September 30, 2021, Tatooine discounted the note at Jabba the Hutt Bank. The bank's discount rate is 10%. What amount of cash did Tatooine receive from Jabba the Hutt Bank?

a. 44,660 b. 43,142 c. 40,502 d. 39, 600

7. Presented below is income statement and dividend information of Yoda's Jedi Training Corporation for the year ended December 31, 2021.

Sales revenue	$	848,000		Cost of goods sold	$	450,000
Salaries expense		109,000		Insurance expense		39,000
Dividend revenue		4,900		Depreciation expense		37,000
Miscellaneous expense		31,000		Administrative expense		54,000
Loss on sale of investments		9,900		Rent expense		29,000
Dividends		24,000

Required: Prepare the necessary closing entries at December 31, 2021.

If no entry is required for a transaction/event, select "No journal entry required" in the first account field.