The Jones Company debits prepaid insurance for the insurance premiums paid. During the year insurance expense is computed for interim periods and insurance expense is debited and prepaid insurance is credited. Information for the year ended Dec 31, 2012 follows:
Prepaid Insurance Dec 31, 2011 $ 180,000
Insurance Expense $ 320,000
Prepaid Insurance Dec 31, 2012 $ 170,000
Required: Determine the insurance premiums paid during 2012