i need the answer quickly 3. Accounting for CASH SURRENDER VALUE HugCompany insured the life of the president forP2,000,000, the entity being named as thebeneficiary. The annual premium is P60,00O. Thepolicy was dated April 1, 2015 and carried thefollowing cash surrender value: End of policy yearCash surrender value April 1, 2016 - April 1, 2017 -April 1, 2018 60,000 April 1, 2019 84,000 April 1, 2020116,000 The entity followed the calendar year as theaccounting period. The president died on July 1, 2019and the face of the policy was collected in July 31,2019.Prepare the journal entries from April 1, 2015 to July31, 2019.

Usually, Companies insure the life of key managerial personnel for which premium is paid by the…

Answered: 3. Accounting for CASH Company insured…

3. Accounting for CASH Company insured the lif P2,000,000, the entity E beneficiary. The annual policy was dated April 1

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 25P

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Accounting for CASH SURRENDER VALUE Hug Company insured the life of the president for P2,000,000, the entity being named as the beneficiary. The annual premium is P60,000. The policy was dated April 1, 2015 and carried the following cash surrender value: End of policy year Cash surrender value April 1, 2016 - April 1, 2017 - April 1, 2018 60,000 April 1, 2019 84,000 April 1, 2020 116,000 The entity followed the calendar year as the accounting period. The president died on July 1, 2019 and the face of the policy was collected in July 31, 2019. Prepare the journal entries from April 1, 2015 to July 31, 2019.
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