Problem 4: Direct method (20 pts) 4.1) Partial balance sheets and partial income statement are listed below for Las Palomas Company Las Palomas Company Partial Balance Sheets as of December 31 Assets Inventory Prepaid Insurance Liabilities Accounts payable 2022 770,000 2023 775,000 9,000 3,000 $200,000 180,000 Las Palomas Company Partial 2023 Income Statement Cost of goods sold Insurance expense Required: 800,000 54,000 a. Determine the amount of cash paid to suppliers in 2023. Show your work (5 pts). b. Determine the amount of cash paid for insurance in 2023. Show your work (4 pts). Net