8. Olsen Company paid or collected during 2014 the following items: Insurance premiums paid $25,800 Interest collected 62,800 Salaries paid 260,400 The following balances have been excerpted from Olsen's balance sheets: December 31, 2014 December 31, 2013 Prepaid insurance $ 2,400 $ 3,000 Interest receivable 7,400 5,800 Salaries and wages payable 24,600 21,200 The insurance expense on the income statement for 2014 was A. $20,400. B. $25,200. C. $26,400. D. $31,200