Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet:
.................................................Income Statement
Interest expense ...............................$12,000
Income tax expense ..........................35,000

Required:
1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019.
2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?

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Balance Sheet Cr. Bal. 12/31/18 Cr. Bal. 12/31/19 Interest payable Income taxes payable Bonds payable Premium on bonds payable Deferred taxes payable $ 600 $ 2,300 5,000 80,000 9,000 3,300 3,000 80,000 8,100 4,400