ACCT $3303$ Assessment

When Sock Inc. pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year ended December $31$ is as follows:

Prepaid insurance at January $1$

Insurance expense recognized during the year Prepaid insurance at December $31$

$$52,500$

$218,750$

$61,000$

What was the total amount of cash paid by Sock for insurance premiums during the year?$*$

A$)$ $$218,750$

B$)$ $$227,250$

C$)$ $$210,000$

D$)$ $$227,500$