Question: In its cash flow statement for the current year, Ness Co . reported cash paid for interest of USD 7 0 , 0 0 0

In its cash flow statement for the current year, Ness Co

.

reported cash paid for interest of USD

70, 000 .

Ness did not capitalize any interest during the current year. Changes occurred in several balance sheet accounts as follows:Accrued interest payable USD

17, 000

decreasePrepaid interest

23, 000

decreaseln its income statement for the current year, what amount should Ness report as interest expense?

Answer

USD

30, 000

USD

76, 000

USD

64, 000

USD

110, 000

In its cash flow statement for the current year,

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