When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year ended December 31 is as follows:

Prepaid insurance at January 1	$51,500
Insurance expense recognized during the year	219,250
Prepaid insurance at December 31	61,450

What was the total amount of cash paid by Castle for insurance premiums during the year?

Multiple Choice

• $229,200

• $167,750

• $209,300

• $219,250