When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid i
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?
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