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 Insurance expense recognized during the year Prepaid insurance at December 31 $51,500 217,850 62,550 What was the total amount of cash paid by Castle for insurance premiums during the year? Multiple Choice $228,900 $166,350 $217,850 What was the total amount of cash paid by Castle for insurance premiums during the year? Multiple Choice $228,900 $166,350 $217,850 $206,800