During 2020, Toxic Release LLC Paid a Total of $64,000

During 2020, Toxic Release LLC paid a total of $64,000 in cash for insurance. Toxic Release'sPrepaid Insurance account had a balance on January 1, 2020, of $8,000 and a balance on December 31, 2020, of $5,500. The amount of Insurance Expense to be reported on Toxic Release's income statement for the year ended December 31, 2020, is:

A) $58,500
B) $61,500
C) $66,500
D) $64,000