Heartland Corporation Records All Insurance Premiums as Prepaid Insurance What Were the Total Amount of Insurance Premiums Paid During

Heartland Corporation records all insurance premiums as prepaid insurance. Additional information for the current year is presented below: $$\begin{array} { | l | r | } \hline \text { Prepaid Insurance, January 1 } & \$ 62,000 \\\hline \text { Insurance expense for year } & \$ 200,000 \\\hline \text { Prepaid Insurance, December 31 } & \$ 80,000 \\\hline\end{array}$$ What were the total amount of insurance premiums paid during the year?

A) $280,000
B) $218,000
C) $142,000
D) $200,000