The following information relates to Telfer Corporation:

Prepaid insurance, December 31, 2017 $125,000

Prepaid insurance, December 31, 2018 $145,000

Insurance expense for 2018 $480,000

Telfer Corporation does not have any accrued liabilities related to its insurance expense. What was the amount of cash paid for insurance during 2018?

Question 62 options:

	$625,000
	$500,000
	$480,000
	$460,000