determin Cash Paid for Insurance

Use the following 2-year Balance Sheet and Income Statement to determine Cash Paid for Insurance. Please enter your answer as a positive number. Balance Sheet Book Value of Building 75,00070,000 Investments Total Assets 166,000168,000 Liabilities Accounts Payable 25,00015,000 Notes Payable 80,000 Interest Payable 4,0001,000 Total Liabilities 109,00016,000 Owners Equity Retained Earnings 50,00075,000 Stock 7,00077,000 Total Owners Equity 57,000152,000 Total Owners Equity 57,000152,000 Total Liabilities \& Owners Equity 166,000168,000 Income Statement Year 2 Revenues 120,000 coGS 65,000 Gross Profit 55,000 Insurance Expense 3,000 Depreciation Expense 5,000 Interest Expense 1,000 Net Income 46,000