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Prepare the journal entries of Commodore

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Problem - At the beginning of the year, Commodore Company paid its $12,000 annual insurance premium for life insurance on its officers. The cash surrender value of the life insurance policies increased during the year from $8,500 to $10,000. Prepare the journal entries of Commodore to record the annual payment at the beginning of the year and the adjustment needed at the end of the year to recognize the change in surrender value.

Reference no: EM132887802

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