Impala Corporation reported the following financial information:
|
|
2006 |
2007 |
|
Balance sheet values as of December 31: |
|
|
|
|
Prepaid insurance |
$650,000 |
$475,000 |
|
|
Interest payable |
250,000 |
300,000 |
|
Cash flows for the year ended December 31: |
|
|
|
|
Insurance premiums paid |
$845,000 |
$750,000 |
|
|
Interest paid |
900,000 |
900,000 |
Calculate Impala’s insurance expense and interest expense for the year ended December 31, 2007.
|
Insurance expense |
Interest expense |
A.
B.
C.
|
