The Jones Company debits prepaid insurance for 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 December 31, 2012 follows:

Prepaid Insurance December 31, 2011 .... $ 180,000

Insurance Expense ........... $ 320,000

Prepaid Insurance December 31, 2012 ... $ 170,000

Required

Determine the insurance premiums paid during 2012.