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Question - 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:
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?
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
despite commonly held beliefs regarding the popularity of presidents presidents are elected by electoral college. this
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