On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on this equipment, which cost $6,000.

How much insurance expense should the company have recognized for the year ending in 2011?

Please provide a step-by-step explanation on how you solved this problem.