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Wheat Company provides the following information related to expenditures for utilities: Utilities payable, 12/31/Y1: $35,000 Accrual-basis utility expense, Y2: $496,000 Cash paid for utilities, Y2:

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Wheat Company provides the following information related to expenditures for utilities: Utilities payable, 12/31/Y1: $35,000 Accrual-basis utility expense, Y2: $496,000 Cash paid for utilities, Y2: $480,000 What is the ending balance for utilities payable at December 31, Y2

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