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Consider the following balance sheet accounts for Derringer Co.: December 31,Year6 December 31,Year5 Accounts Receivable $ 242,000 $ 315,000 Prepaid Insurance $ 8,000 $ 10,000
Consider the following balance sheet accounts for Derringer Co.:
December 31,Year6 | December 31,Year5 | |
Accounts Receivable | $ 242,000 | $ 315,000 |
Prepaid Insurance | $ 8,000 | $ 10,000 |
Interest Payable | $ 400 | $ 600 |
In addition, on the income statement for the year ended December 31, Year6, Derringer reported $930,000 of sales revenue, $78,000 of insurance expense, and $12,500 of interest expense. How much cash was paid for interest during Year6? (Only use relevant information.)
(Do not use any punctuation- type a number only into the answer
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