When Castle Corporation pays insurance premiums, the transac…

When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year ended December 31 is as follows: Prepaid insurance at January 1 $ 52,500 Insurance expense recognized during the year   218,750 Prepaid insurance at December 31   61,250 What was the total amount of cash paid by Castle for insurance premiums during the year?