Smith & Sons reports interest expense of ($ 90,000) on its income statement. The beginning and ending
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Smith \& Sons reports interest expense of \(\$ 90,000\) on its income statement. The beginning and ending balances for interest payable reported on its balance sheet are \(\$ 15,000\) and \(\$ 10,000\), respectively. How much cash did Smith \& Sons pay for interest expense this period?
a. Indirect method
b. Reconciliation method
c. Direct method
d. Both direct and indirect methods
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