The Staggs Company has prepared its 2010 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2010. The following information is available from its 2010 income statement and beginning and ending balance sheet:
Income Statement___________
Interest expense ....... $12,000
Income tax expense ....... 35,000
Required:
1. Compute the amounts of interest paid and income taxes paid by the Staggs Company for 2010.
2. Under IFRS, how would interest paid and income taxes paid bereported?