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What the life insurance expense must be

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Question 1: In 2015, ABC Co. purchased a P5,000,000 life insurance policy on its president, of which ABC Co. is the beneficiary. Information regarding the policy for the year ended December 31,2020 follows: Cash surrender value, 1/1/2020 : P435,000 Cash surrender value, 12/31/2020 : P540,000 Annual advance premium paid 1/1/2020 : P200,000 During 2020, dividends of P30,000 were applied to increase the cash surrender value of the policy. The life insurance expense for 2020 must be

a. P65,000
b. P95,000
c. P105,000
d. P200,000
e. none of the choices

Reference no: EM132864601

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