Question: A partial amortization schedule for a five-year note payable that Holly Co. issued on January 1, 2014, is shown here: Accounting Period Principal Balance January

A partial amortization schedule for a five-year note payable that Holly Co. issued on January 1, 2014, is shown here:

Accounting Period

Principal Balance January 1

Cash Payment

Applied to Interest

Applied to Principal

2014

$50,000

$11,549

$2,500

$9,049

2015

40,951

11,549

2,048

9,501

If the company earned $75,000 cash revenue and paid $35,000 in cash expenses in addition to the interest in 2014, what is the amount of each of the following? (Cash outflows should be indicated with a minus sign.)

(1)Net income for 2014

(2)Cash flow from operating activities for 2014

(3)Cash flow from financing activities for 2014

(4) What is the amount of interest expense on this loan for 2015?

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