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Prepare journal entries to record transactions for compay f

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Company F insured the life of its CEO for P3,000,000, the entity being the beneficiary of the policy. Annual premium of the policy dated January 1, 2017 was agreed at P100,000.

  • As of December 31. 2019 and 2020, the cash surrender value of the policy was P30.000 and P37,000. respectively.
  • The CEO died on September 1. 2020 but the policy was settled only at the end of that year.

Problem 1: Prepare journal entries to record the transactions from 2017 to 2020.

Reference no: EM132669809

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