The Keweenaw Sunshine Development Corporation Reported the Following for the Year

The Keweenaw Sunshine Development Corporation reported the following for the year ended December 31,2014: $$\begin{array}{l}\begin{array} { l c c } & \underline { 1 / 1 / 14 } & \underline { 12 / 31 / 14 } \\\text { Discount on Bonds Payable } & \$ 17,500 & \$ 15,750 \\\text { Interest Payable } & \$ 19,500 & \$ 17,350\end{array}\\\text { Interest Expense } \$ 47,750\end{array}$$
How much cash did Keweenaw pay for interest during 2014?

A) $51,650
B) $43,850
C) $48,150
D) $46,350

Correct Answer:

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