Question: In its 2011 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for interest of $68,000 in its

In its 2011 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for interest of $68,000 in its cash flow statement. There was no prepaid interest or interest capitalization either at the beginning or end of 2011. Accrued interest at December 31, 2010, was $15,000. What amount should Cris report as accrued interest payable in its December 31, 2011 balance sheet?

a. $ 2,000

b. $15,000

c. $17,000

d. $32,000

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