The Jones Company debits prepaid insurance for the insurance premiums paid. During the year insurance expense is computed for interim periods and insurance expense is debited and prepaid insurance is credited. Information for the year ended Dec 31, 2012 follows:

Prepais Insurance Dec 31, 2011 $ 180,000

Insurance Expense $ 320,000

Prepais Insurance Dec 31, 2012 $ 170,000

Required: Determine the insurance premiums paid during 2012