Question

Tulsa Corp. reported the following information for 2015 and 2016.

Interest payable, December 3 1, 2015

$5,700

Interest payable, December 31, 2016

6,200

Interest expense—2016

12,250

How much cash was paid for interest during 2016?

$1 1,750

$12,250

$12,500

$12,750

Interest payable, December 3 1, 2015

$5,700

Interest payable, December 31, 2016

6,200

Interest expense—2016

12,250