For 29 – 30: Solid Company insured the life of the President for P 2,000,000, the entity being the beneficiary of an ordinary life policy. The annual premium is P 80,000. The policy was dated January 1, 2018 and carried the following cash surrender value: End of the policy year Cash surrender value 2018 - 2019 - 2020 15,000 2021 19,000 The entity followed the calendar year as the fiscal period. The president died on October 1, 2021 and the policy is settled on December 31, 2021. 29. the journal the record payment of insurance premium on January 1, 2018: 30. the entry to record the receipt of the life policy on December 31, 2021.
For 29 – 30: Solid Company insured the life of the President for P 2,000,000, the entity being the beneficiary of an ordinary life policy. The annual premium is P 80,000. The policy was dated January 1, 2018 and carried the following cash surrender value: End of the policy year Cash surrender value 2018 - 2019 - 2020 15,000 2021 19,000 The entity followed the calendar year as the fiscal period. The president died on October 1, 2021 and the policy is settled on December 31, 2021. 29. the journal the record payment of insurance premium on January 1, 2018: 30. the entry to record the receipt of the life policy on December 31, 2021.
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 25E
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Question
For 29 – 30:
Solid Company insured the life of the President for P 2,000,000, the entity being the beneficiary of an ordinary life policy. The annual premium is P 80,000.
The policy was dated January 1, 2018 and carried the following cash surrender value:
|
End of the policy year |
Cash surrender value |
|
2018 |
- |
|
2019 |
- |
|
2020 |
15,000 |
|
2021 |
19,000 |
The entity followed the calendar year as the fiscal period.
The president died on October 1, 2021 and the policy is settled on December 31, 2021.
29. the journal the record payment of insurance premium on January 1, 2018:
30. the entry to record the receipt of the life policy on December 31, 2021.
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