On August 1, a company obtained its first insurance policy covering its property. The policy is for one year and it begins immediately on August 1. The insurance premium for this 12-month period is $2,4000 and it was paid on August 1. Q1. The amount to be reported as Prepaid Insurance on December 31 is $_____________. Q2. The amount to be reported as Insurance Expense for the accounting year ending on December 31 is $________________