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In its cash flow statement for the current year, Ness Co. reported cash paid for interest of $70,000. Ness did not capitalize any interest during the current year. Changes occurred in several balance sheet accounts as follows:
In its income statement for the current year, what amount should Ness report as interest expense? A. $ 64,000 B. $ 76,000 C. $110,000 D. $ 30,000 |