Your answer is incorrect. Calculate the amount of cash that was paid for income taxes during 2024. WILDHORSE COMPANY Comparative Statement of Financial Position \begin{tabular}{|c|c|c|} \hline & Dec. 31,2024 & Dec. 31,2023 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $66,000 & $46,000 \\ \hline Accounts receivable & 70,000 & 53,000 \\ \hline Inventories & 120,000 & 97,000 \\ \hline Property, plant, and equipment & 280,000 & 230,000 \\ \hline Accumulated depreciation & (79,500) & (70,000) \\ \hline \multirow[t]{2}{*}{ Land } & 86,000 & 102,000 \\ \hline & $542,500 & $458,000 \\ \hline \multicolumn{3}{|c|}{ Liabilities and shareholders' equity } \\ \hline Accounts payable & $54,000 & $43,000 \\ \hline Income taxes payable & 11,000 & 17,000 \\ \hline Bonds payable & 96,200 & 78,000 \\ \hline Common shares & 230,000 & 190,000 \\ \hline \multirow[t]{2}{*}{ Retained earnings } & 151,300 & 130,000 \\ \hline & $542,500 & $458,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} WILDHORSE COMP \\ Statement of Inco \\ For the year ended Decemb \end{tabular} & \begin{tabular}{l} I \\ 31,2024 \end{tabular} & \\ \hline Sales revenue & $410,000 & \multirow[b]{3}{*}{$414,500} \\ \hline \multirow[t]{2}{*}{ Gain on sale of equipment } & 4,500 & \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Less: } \\ \hline Cost of goods sold & 200,000 & \\ \hline Operating expenses (excluding depreciation) & 61,000 & \\ \hline Depreciation expense & 44,000 & \\ \hline Income taxes & 35,000 & 340,000 \\ \hline Net income & & $74,500 \\ \hline \end{tabular}