Under East Co.'s accounting system, all paid insurance premiums are debited to prepaid insurance. For interim financial reports, East makes monthly estimated charges to insurance expense with credits to prepaid insurance.\ \ Additional information for the year ended December 31, 20X5, is as follows:\ \ Prepaid insurance at December 31, 20X4 \ $105,000\ Charges to insurance expense during 20X5 (including a year-end adjustment of 17,500) \ 437,500\ Prepaid insurance at December 31, 20X5 \ 122,500\ \ What was the total amount of insurance premiums paid by East during 20X5?\ Select answer from the options below\ $420,000\ $437,500\ $455,000\ $322,50