Response to the following problem:
Hipp Hospital provides you with the following information:
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10/31/X2
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11/30/X2
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Accrued interest receivable
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$4,100
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$3,900
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|
Prepaid interest
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6,400
|
5,700
|
|
Accrued interest payable
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3,200
|
3,600
|
|
Deferred interest income
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4,800
|
5,300
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The hospital's November statement of operations reports $25,000 of interest income and $30,000 of interest expense.
Required:
(1) What was the amount of interest received in cash during November?
(2) What was the amount of interest paid in cash during November?