On January 1, 2022, XYZ Corporation purchased a 3-year insurance policy for $6,000. The policy covers the period from January 1, 2022, to December 31, 2024. The company uses the straight-line method of accounting for prepaid expenses. On December 31, 2022, and December 31, 2023, the company prepares adjusting entries to recognize the amount of insurance expense for the year.

a) Calculate the amount of insurance expense that should be recognized for the year ended December 31, 2022, and the carrying value of the prepaid insurance account at the end of the year.
b) Calculate the amount of insurance expense that should be recognized for the year ended December 31, 2023, and the carrying value of the prepaid insurance account at the end of the year.

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