3. Accounting for CASH Company insured the lif P2,000,000, the entity E beneficiary. The annual policy was dated April 1
3. Accounting for CASH Company insured the lif P2,000,000, the entity E beneficiary. The annual policy was dated April 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3. 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 P60,00O. 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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