Jasmine Corporation has a December 31 fiscal year-end. Please note that the coverage of prepaid insurance...

          

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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 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. 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.

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