Required Information The earnings statement of Waylon Taylor Textiles Ltd. for 20X7 included the following items: Interest revenue $75,500 Salaries expense $65,000 Insurance expense $9,600 The following balances have been excerpted from the company's Statement of Financial Position: Accrued interest receivable Accrued salaries payable December 31, 20X7 $9,100 $8,900 $1,100 Prepaid insurance How much cash did WTT pay out for salaries during 20X7? December 31, 20X6 $7,500 $4,200 $1,500 55 $69,700 $60,300 $60,800 $73,900