$ 17,000 45,700 120,200 Sheridan Company paid or collected during 2017 the following items: Cash payment for rent during the year Cash collected for interest during the year Cash paid for salaries during the year The following balances have been excerpted from Palmer's balance sheet: December 31, 2017 Prepaid rent $ 2,500 Interest receivable 5,900 Salaries payable 12,300 December 31, 2016 $5,000 2,700 10,600 1. The rent expense on the income statement for 2019 was (use t-accounts) a. $19,500. b. $14,500. c. $12,000. d. $2,500. 2. The interest revenue on the income statement for 2019 was (use t-accounts) a. $48,900. b. $43,000 C. $42,500. d $45,700