Question 13 6 pts THE Company reported the following income statement for 2021: Sales revenue Cost of goods sold Insurance expense Utilities expense Net income $298,000 137,000 43,000 65,000 $ 53,000 The following selected account balances were taken from THE Company's accounting records during 2021: Utilities payable Inventory Accounts receivable Prepaid insurance Unearned revenue Accounts payable January 1, 2021 14,000 29,000 32,000 36,000 18,000 41,000 December 31, 2021 45,000 18,000 87,000 24,000 25,000 53,000 The amount of cash paid for insurance during 2021 was equal to: $31,000 $55,000 $43,000 $54,000 Utilities expense Net income 65,000 $ 53,000 The following selected account balances were taken from THE Company's accounting records during 2021: Utilities payable Inventory Accounts receivable Prepaid insurance Unearned revenue Accounts payable January 1, 2021 14,000 29,000 32,000 36,000 18,000 41,000 December 31, 2021 45,000 18,000 87,000 24,000 25,000 53,000 The amount of cash paid for insurance during 2021 was equal to: $31,000 $55,000 $43,000 $54,000 $48,000 $32,000 none of the above choices are correct