Jackson Company Records All Insurance Premiums as Prepaid Insurance What Was the Total Amount of Insurance Expense Incurred During

Jackson Company records all insurance premiums as prepaid insurance. Additional information for the current year is presented below: $$\begin{array} { | l | r | } \hline \text { Prepaid Insurance, January 1 } & \$ 50,000 \\\hline \text { Insurance premiums paid } & \$ 210,000 \\\hline \text { Prepaid Insurance, December 31 } & \$ 83,000 \\\hline\end{array}$$ What was the total amount of insurance expense incurred during the year?

A) $293,000
B) $177,000
C) $243,000
D) $260,000