Belt squeaking now smoking??

Have a '98 V6 GL and the belt was replaced with new on about a year ago. Starting the past few weeks it started squeaking, and then this morning I started it to let it warm up. I came back out after 10 mins and the belt was smoking, mostly coming from near the pulley a/c. I just shut it off and went back a few hours later and checked it out. Marked the pulley to make sure it was turning and it was. It seemed to do fine when I tried turning all the air and heat on. When it started squeaking I tried belt dressing but it didn't do anything at all, then I used WD 40 and it seemed to work for about 50 miles and that was it. I'm confused, someone said it could be the a/c, but what?

Pull the belt check idler pulleys they normally go bad first. Spin all other pulleys a bad bearing should make a noise or feel rough. The air cond. compressor has a bearing which sometimes goes bad. If trying to replace this bearing get a compressor diagram as usually you have to bleed the system and install a new seal.