Olsen Company paid or collected during 2014 the following items:
Insurance premiums paid $ 25,800
Interest collected 62,800
Salaries paid 260,400
The following balances have been excerpted from Olsen's balance sheets:
Dec 31, 2014 Dec 31, 2013
Prepaid insurance $ 2,400 $ 3,000
Interest receivable 7,400 5,800
Salaries and wages payable24,600 21,200
The insurance expense on the income statement for 2014 was
A.
$26,400.
B.
$20,400.
C.
$25,200.
D.
$31,200.
