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An entity insured the life of its president for P1,000,000, the entity being the beneficiary of an ordinary life insurance policy. The annual premium is P40,000 and the policy is dated January 1, 2020. The cash surrender value are P7,500 on December 31, 2022 and P9,500 on December 31, 2023. The entity follows the calendar year as its fiscal period. The president died on October 1, 2023 and the policy is settled on December 31, 2023?
Problem 1: What is the gain on life insurance settlement?
Group of answer choices
Option 1: 980,500
Option 2: 1,000,000
Option 3: 990,500
Option 4: 981,000
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