On January 1, Sheldon Company borrowed $81,600 from a local bank. The loan requires Cooper to pay annual installments of $12,705 beginning on December 31. Assume an interest rate of 9%. What is the balance in notes payable after Cooper makes its first payment and records it? $ Determine the amount of cash paid for bond interest if interest expense is $23,400 and interest payable increased by $7,020 and premium on bands payable decreased by $1,880. Cash paid for interest would be $