Cash Paid for Income Taxes
The company reported the following balance sheet information:
|
2008 |
2007 |
|
|
Income taxes payable |
$ 13,000 |
$17,000 |
|
Deferred income tax liability |
100,000 |
75,000 |
Total income tax expense for 2008 was $40,000. Compute the amount of cash paid for income taxes in 2008.