What amount should reported as life in se for current year

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Question - Dabin Company purchased a P1,000,000 ordinary life insurance policy for its president. The beneficiary of the life insurance policy is Dabin Company. The policy year and the entity's accounting year coincide. The entity provided the folowing data for the current year:

Cash surrender value, January 1 43,500

Cash surrender value, December 31 54,000

Annual advance premium paid January 1 20,000

Dividend received July 1 3,000

Required - What amount should be reported as life in se for the current year?

Reference no: EM133149994

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