Glax has the following information available on December 31, Year 2: Income tax expense $30,500 Decrease in
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Glax has the following information available on December 31, Year 2:
| Income tax expense | $30,500 |
| Decrease in income taxes payable | (9,000) |
| Increase in deferred tax liability | 10,000 |
| Decrease in deferred tax asset | (15,000) |
What amount should Glax report for cash paid for income taxes for Year 2 in its statement of cash flows, assuming the direct method is used?
A.$14,500
B.$29,500
C.$34,500
D.$39,500
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