Reference no: EM132906548
Question - Triple A Company has a P5,000,000 ordinary life insurance policy on its president. The policy year and accounting period coincide. The entity is the designated beneficiary of the life insurance policy.
Data follows for the year ended December 31. 2020:
Cash surrender value, January 1 - P 245,000; December 31 - P 270,000
Annual premiums paid - January 1 100,000; Dividends received - July 1 15,000
In 2021, the president died on January 3.
Answer the following questions:
1. Life insurance expense for 2020 is?
2. The balance of Cash Surrender Value of Life Insurance Policy for December 31, 2020 is found in?
3. Amount receivable from the insurance company is?
4. Gain on insurance settlement is?
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