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Business, 07.04.2020 02:53 faithyholcomb

Under Hart Company’s accounting system, all insurance premiums paid are debited to Prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to Prepaid insurance. Additional information for the year ended December 31, 2017, follows:

Prepaid insurance at december 31, 2016 $210,000
Charges to insurance exppence during 2017, including
a year-end adjustment of $35,000 875,000
Prepaid insurance at December 31, 2017 245,000

What was the total amount of insurance premiums Hart paid during 2017?

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