A company reported the following information: Interest payable, December 31, 2014 $ 3,200 Interest payable, December 31, 2013 10,200 Interest expense for 2014 22,000 How much cash was paid for interest during 2014?

a. $15,000
b. $29,000
c. $30,200
d. $25,200

ANSWER

b. $29,000