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Jasmine Corporation has a December 31 fiscal year-end. Please note that the coverage of prepaid insurance ($7,000) on the adjusted trial balance will be one
Jasmine Corporation has a December 31 fiscal year-end. Please note that the coverage of prepaid insurance ($7,000) on the adjusted trial balance will be one year from January 1, 2020 to December 31, 2020. The origin of the note receivable ($50,000) on the adjusted trial balance is that on April 1, 2018, Jasmine Corporation made a loan to another legal entity named Candy Corporation for the first time in the entire history of Jasmine Corporation, and according to this loan agreement on April 1, 2018, each interest payment is scheduled to occur on April 1 in every year, whereas the principal repayment will occur only on April 1, 2021. Employee salaries are paid on every 20th of each month. Unearned revenue stems from deposits from customers with the scheduled delivery of products and services during the year of 2020. Jasmine Corporation declares $20,050 cash dividend on December 31, 2019, with the scheduled payment date of March 31, 2020. During 2019, Jasmine Corporation issued $50,000 new common shares. During 2019, Jasmine Corporation also bought back $20,000 common shares. On December 31, 2017, Jasmine Corporation borrowed $125,000 from its CEO. This was the only borrowing event in the entire history of Jasmine Corporation. According to the loan agreement between Jasmine Corporation and its CEO, interest is payable on the last day of each year, while the principal amount of the borrowing is due only on December 31, 2020. Credit Jasmine Corporation Adjusted Trial Balance December 31, 2019 Debit Cash 225,000 Short-term trading investments 40,000 Accounts receivable 8,000 Prepaid insurance expenses 7,000 Note receivable 50,000 Accrued interest revenues 9,000 Land 125,000 Buildings 152,000 Equipment 117,000 Trademarks 91,650 Accumulated depreciation buildings Accumulated depreciation - equipment Accrued salary liabilities Unearned revenue Dividend payable Note payable Common shares Retained earnings Sales revenues 88,000 29,250 60,000 37,750 20,050 125,000 350,000 130,250 420,050 12,000 Interest revenues Operating expenses Interest expense Income tax expense 422,000 3,400 2,250 20,050 1,272,350 Dividend declared Total 1,272,350 (24) With respect to the loan agreement between Jasmine Corporation and Candy Corporation, what is the amount of cash received for interest on the statement of cash flows for the year ended on December 31, 2019? For your answer, make sure to put the number without dollar signs ($), commas (,), periods (.), and decimal points. Again, please state the number only without dollar signs, commas, periods, and decimal points for your answer. For example, if the answer happens to be 12345, then you must simply put 12345
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