Goodwin Worldwide prepays a one-year insurance policy in the amount of $240,000 and records the payment to Insurance Expense. On December 31, there are four months remaining on the policy and, since the initial recording of the payment,only one journal entry has been made debiting Prepaid Expense for $25,000 and crediting Insurance Expense for the same amount. What is the correcting entry on December 31?

DR Prepaid Expense $215,000, CR Insurance Expense $215,000

DR Insurance Expense $215,000, CR Cash $215,000

DR Prepaid Expense $80,000, CR Insurance Expense $80,000

DR Prepaid Expense $55,000, CR Insurance Expense $55,000