Olsen Company paid or collected during 2020 the following items: Insurance premiums $30800 paid Interest collected 69800 Salaries paid 280400 The following balances have been excerpted from Olsen's balance sheets: Prepaid insurance Interest receivable Salaries and wages payable December 31, 2020 December 31, 2019 $2400 $3000 7400 5800 24600 21200 Salaries and wages expense on the income statement for 2020 was