Freedom Company debits the account prepaid insurance when insurance premium are paid. During the year, they record monthly estimated charges to insurance expense with credits 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 $105,000 $467,500 $122,500 What was the total amount of cash paid by Freedom Co, for insurance premiums during the year? Answer: