Required:

a$1.$ Use the horizontal model to record the payment of a one$-$year insurance premium of $$9,000$ on May $1,2022.$

a$2.$ Prepare the journal entry to record the payment of a one$-$year insurance premium of $$9,000$ on May $1,2022.$

b$1.$ Use the horizontal model that will be made at the end of every month to show the amount of insurance premium $$used$$ that month.

b$2.$ Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium $$used$$ that month.

c$.$ Calculate the amount of prepaid insurance that should be reported on the December $31,2022,$ balance sheet with respect to this policy.

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