What amount of life insurance expense camay company should

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Reference no: EM132789484

Problem 1: On January 2, 20x6, Camay Company purchased a P4,000,000 ordinary life insurance policy on its president. Additional data for the year 20x9 are: Cash surrender value, January 1 P200,000; Cash surrender value December 31, P220,000; Annual insurance premium paid On January 1, 20x9, P80,000; Dividend received on August 1, P10,000. Camay Company is the beneficiary under the life insurance policy. What amount of Life Insurance Expense Camay Company should report in its December 31, 20x9 profit or loss?

Reference no: EM132789484

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