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What amount receivable from the insurance company

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Reference no: EM132907215

Question - Triple A Company has a P5,000,000 ordinary life insurance policy on its president. The policy year and accounting period coincide. The entity is the designated beneficiary of the life insurance policy.

Data follows for the year ended December 31. 2020:

Cash surrender value, January 1 - P 245,000; December 31 - P 270,000

Annual premiums paid - January 1 100,000; Dividends received - July 1 15,000

In 2021, the president died on January 3.

Answer the following questions:

1. What the life insurance expense for 2020?

2. What the balance of Cash Surrender Value of Life Insurance Policy for December 31, 2020?

3. What amount receivable from the insurance company?

4. What the gain on insurance settlement?

Reference no: EM132907215

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