The Laramie Corporation Reported a Beginning Balance of $2,400 in Its

The Laramie Corporation reported a beginning balance of $2,400 in its Prepaid Insurance account for 2013. During the year, Laramie paid a total of $32,000 to purchase insurance, and the Prepaid Insurance account had an ending balance of $3,200. What was the amount of insurance expense that Laramie reported for 2013?

A) $32,000
B) $32,200
C) $31,200
D) $29,600