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How much was the cash surrender value of life insurance

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Problem - ABC Company insured the life of one of its officers. Yearly premium amount to P75,000. At the end of 2020, cash surrender value of the policies totaled P200,000. Dividends received by ABC from the insurance company amounted to P10,000 in 2020. The insurance expense recognized by XYZ in 2020 was P 45,000. How much was the cash surrender value of life insurance at the beginning of the year?

Reference no: EM133036788

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