The Staggs Company has prepared its 2007 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2007. The following information is available from its 2007 income statement and beginning and ending balance sheet:

Required
Compute the amounts of interest paid and income taxes paid by the Staggs Company for2007.

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Income Statement Interest expense Income tax expense S12,000 35,000 Balance Sheet Cr. Bal. Cr. Bal. 01/01 12/31 Interest payable Income taxes payable Bonds payable Premium on bonds payable Deferred taxes payable $600 5,000 80,000 9,000 3,300 S 2,300 3,000 80,000 8, 100 4,400