Question: Jack Company loaned $ 1 2 , 0 0 0 to Jill Company on September 1 , Year 1 for a one year term. Interest

Jack Company loaned $12,000 to Jill Company on September 1, Year 1 for a one year term. Interest was set at 5% per year with interest payable at maturity. Assuming Jack prepares financial statements on December 31 of each year, the amount of cash inflow for interest reported on the Year 2 statement of cash flows equals

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