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Determine gain or loss on settlement

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Question - A Company insured the life of its president for P500,000, the entity being the beneficiary of an ordinary life insurance policy, The annual premium is P50,000 and the policy is dated January 1, 2017.

The cash surrender values are P140,000 and P180,000 as of December 31, 2019 and 2020, respectively. During 2019, a dividend of P1,000 was applied to increase the cash surrender value.

The president died on October 1, 2020 and the policy is settled on December 31, 2020.

Determine gain (loss) on settlement in 2020.

Reference no: EM132911600

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