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 $ 52.500 Insurance expense recognized during the year 218.750 Prepaid insurance at December 31 61.250 What was the total amount of cash paid by Castle for insurance premiums during the year? $218.750 $227.500 $210,000 $166,250