Advanced deposits from customers are non-refundable. Assume that during the fiscal year of 2020, MGCR Corp delivers $40-worth services to customers who already made advanced deposits for MGCR Corp's services. Also assume that for $10-worth advanced deposits, customers chose not to receive MGCR Corp's services, even without any refunds for advanced deposits, during the fiscal year of 2020. What is the total estimated amount of cash received from customers concerning advanced deposits during the fiscal year of 2020? Assume that prepaid expenses are related to MGCR Corp's insurance policy and rent prepayment. Also, assume that MGCR Corp newly purchased $100-worth insurance policy during the fiscal year of 2020. Regarding rent prepayment, MGCR Corp made $2,000 cash payment at the beginning of each month in the fiscal year of 2020. The amount of rent expenses was $22,000 on the income statement for the year ended on December 31, 2020. What is the amount of insurance expenses that should be recognized on the income statement for the year ended on December 31, 2020? As at Cash And Cash Equivalents Accounts Receivables Inventory Prepaid expenses Total Current Assets Long Term Investments Property Plant and Equipment, net Goodwill Intangible Assets Other Assets Total Assets Accounts Payable Current Portion of Long Term Debt Advanced Deposits from Customers Total Current Liabilities Long Term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder Equity Dec 31, 2020 263 372 107 2,004 2,746 2,392 3,477 636 4,497 5,970 19,718 582 663 46 1,291 10,619 11,910 7,000 808 7,808 Dec 31, 2019 153 215 87 23 478 1,594 3,609 591 2,924 4,073 13,269 370 145 11 526 6,854 7,380 5,000 889 5,889