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Prepare the entries in the books of dora company for years

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On July 1, 2020, Dora Company insured the life of its president for P4,000,000, paying an annual insurance premium of P120,000. The Company is the designated beneficiary and has the right to cancel the policy at its own option.

The cash surrender value of the policy increased as follows:

Anniversary date                Balance of cash surrender value
June 30, 2021                   P 0
June 30, 2022                     0
June 30, 2023                  36,000
June 30, 2024                   49,000
June 30, 2025                      62,000

The president died on March 31, 2025

Requirement:

Problem 1. Prepare the entries in the books of Dora Company for years 2021 through 2025. Dora closes its books on December 31. Use the asset method for the prepayment of insurance premiums.

Problem 2. How would the entries differ if the president or his heirs were the beneficiaries of the life insurance policy?

Reference no: EM132911646

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