Waterway Industries paid or collected during 2020 the following items: Insurance premiums paid $31200 Interest collected Salaries paid 69700 280200 The following balances have been excerpted from Waterway's balance sheets: December 31, 2020 December 31, 2019 Prepaid insurance $2320 $3060 Interest receivable 7540 5260 Salaries and wages payable 24000 21500 The interest revenue on the income statement for 2020 was O $71980. O $67420. $56900. O $82500.