On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $64,400. During 2021, $102,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $50,000. Insurance expense for 2021 was:

Multiple Choice

a) $166,400.

b) $14,400.

d) $102,000.

c) $116,400.