4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1. B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1 and 20-2. Exercise 4, p. 309 Year Insurance Expense Prepaid Insurance (Dec. 31) 20-1 20-2 Total Expense $648