What is the gain on life insurance settlement

Assignment Help Accounting Basics
Reference no: EM132588681

On January 2, 2019, the corporation insured the life of its president for P2,000,000. The corporation was designated as the beneficiary of the policy. The annual premium was P80,000.

The policy carried the following cash surrender values:

December 31, 2019 -

December 31, 2020 -

December 31, 2021 60,000

December 31, 2022 85,000

December 31, 2023 117,500

December 31, 2024 170,000

Question 1: The president died on March 1, 2022. Prepare entries related to the life insurance for the year 2019-2022. What is the gain on life insurance settlement?

Reference no: EM132588681

Questions Cloud

Trade-offs between inputs for the productivity improvements : Analyze the trade-offs between inputs for the productivity improvements. Analyze the advantages and disadvantages of global sourcing versus producing in U.S.
Prepare journal entries to record transactions affecting : Prepare journal entries to record all the transactions affecting the bond investments. (Include the appropriate date and record the acquisition)
Discuss the importance of relationships in negotiations : Discuss the importance of relationships in negotiations. Describe at least 2 tactics for managing conflict in negotiations.
Discuss how and why cognition-vocabulary : Discuss how and why cognition, vocabulary, and linguistic competence may be different or delayed for children who are deaf or hard of hearing.
What is the gain on life insurance settlement : The president died on March 1, 2022. Prepare entries related to the life insurance for the year 2019-2022. What is the gain on life insurance settlement?
Prepare the journal entry to record the bond issue on july : Prepare the journal entry to record the bond issue on July 1, 2020, the first interest payment on July 2020 and the interest payment on July 1, 2021
Foundational literacy skills : Part of the Christian worldview includes honoring God by serving others in ways that promote human flourishing.
Market penetration plan : Explain the major components of your marketing plan. Examine your distribution and pricing plans. Explain your pricing strategy.
Determine the treatment of the accounts in the financial : If not part of the above classifications, determine the treatment of the accounts in the financial statements. How much should be included in cash

Reviews

Write a Review

Accounting Basics Questions & Answers

  The use of the retail method to value inventory

The accounting treatment required for a correction of an inventory error in previously issued financial statements.

  Issued 10000 shares of common stock for a building and land

problem 11-13 effects of stockholders equity transactions on the balance sheet.the following transactions occurred at

  Show the budget by month and in total

Prepare a master budget for Davis Dry Goods for the quarter ending June 30, 2015 - A schedule of expected cash collections from sales, by month and in total. c A merchandise purchases budget. Show the budget by month and in total.

  The sanding department of richards furniture company has

the sanding department of richards furniture company has the following production and manufacturing cost data for march

  Nick and jolene are married nick is 61 and retired in 2011

nick and jolene are married. nick is 61 and retired in 2011 from his job with amalgamated company. jolene is 56 and

  Foster which uses the high-low method reported an average

foster which uses the high-low method reported an average cost of 24 per unit at its lowest activity level when

  Summarize these entries in t accounts for prepaid insurance

Summarize these entries in T accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2015, balances in these accounts were $ 0, $ 0, $ 90,000, and $ 80,000, respectively. Given only the entries for insura..

  How much would he save in total interest by choosing bank

Joe Levi brought a new home in Arlington, texas for $140,000. How much would he save in total interest by choosing bank B

  What is the present worth of each option

Parker County Community College (PCCC) is trying to determine whether to use no insulation or to use insulation. What is the present worth of each option?

  Abc inc has just entered into the business of selling

abc inc. has just entered into the business of selling antique cars. the company management decided to lease the

  Primary reasons for price controls

What are the primary reasons for a country to sometimes withhold goods or put price controls on exports to international markets? What are possible outcomes of this practice? What are your feelings about price controls?

  Determine the appropriate means of reporting each situation

In a memo to the audit manager, Mitch Riley, explain your reasoning. Include any necessary journal entries and drafts of appropriate disclosure notes.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd