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Problem - Van Company insured the life of its president for P2,000,000, the entity being the beneficiary of an ordinary life insurance policy. The annual premium is P80,000 and the policy is dated January 1, 2017. The entity reported the following cash surrender value:
December 31, 2019 15,000
December 31, 2020 19,000
The president died on October 1, 2020 and the policy is settled on December 31, 2020. What amount should be reported as gain on life insurance settlement for 2020?
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