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Heartland Corporation records all insurance premiums as prepaid insurance. Additional information for the current year is presented below: Prepaid Insurance, January 1 $62,000 Insurance expense

Heartland Corporation records all insurance premiums as prepaid insurance. Additional information for the current year is presented below:

Prepaid Insurance, January 1

$62,000

Insurance expense for year

$200,000

Prepaid Insurance, December 31

$80,000

What were the total amount of insurance premiums paid during the year?

$280,000

$218,000

$142,000

$200,000

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