A companies president died two years before her anticipated retirement, the company received a $500,000 death benefit under its key executive life insurance policy. If it's total premiums for the carriage worth $30,000, how much of the death benefit, if any, Mustard recognizes income, assuming it met the notice and consequence requirement.
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- Below are two unrelated situations relating to life insurance.Required:Prepare the appropriate journal entry for each situation.1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $25,000. The cash surrender value increased during the year from $2,500to $4,600.2. Petroleum Corporation received a $250,000 life insurance settlement when its CEO died. At that time, thecash surrender value was $16,000.An employee has basic term insurance of $100,000 along with accidental death & dismemberment (AD&D) coverage with a principal sum equal to the basic term insurance benefit. Which of the following statements about this coverage is (are) true? (Check all that apply.) if the employee loses only one hand in an accident, he will receive a benefit less than $100,000 from his AD&D policy if the employee dies as the result of a work-related illness, his beneficiary wil| receive $200,000 O If the employee loses both hands in an accident, he will receive $100,000 from his AD&D policy if the employee dies as the result of an accident, his beneficiary will receive a total of $200,000The EPBO for Branch Industries at the end of 2016 was determined by the actuary to be $20,000 as it relates to employee Will Lawson. Lawson was hired at the beginning of 2002. He will be fully eligible to retire with health care benefits after 15 more years but is expected to retire in 25 years. What is the APBO as it relates to Will Lawson?
- The EPBO for Branch Industries at the end of 2018 was determined by the actuary to be $20,000 as it relates toemployee Will Lawson. Lawson was hired at the beginning of 2004. He will be fully eligible to retire with health carebenefits after 15 more years but is expected to retire in 25 years. What is the APBO as it relates to Will Lawson?Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan).Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense ($ in millions):1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2.2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2.3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.Several years ago. Iris Company purchased a P3,000,000 ordinary life insurance policy on its president and the company is the named beneficiary. Additional data are available for the year ended December 31, 2020.Cash surrender value of life insurance, December 31, 2020 - 117,000 Annual premium paid in advance on January 1, 2020 - 50,000 Life insurance expense recognized in the statement of comprehensive income for the year ended December 31, 2020 - 38,000How much must have been the cash surrender value of life insurance at Iris's December 31. 2020 financial statements? A.12,000 B. 117,000 C. 129,000 D. 105,000
- Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). Required: Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other components of pension expense ($ in millions): 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.Gregorio Corp. purchased a P5,000,000 ordinary life insurance policy on its president. Gregorio is the beneficiary under the policy. The policy year and Gregorio' accounting year coincide. Additional data available for the year ended December 31, 2023 are as follows: Cash surrender value, January 1 Cash surrender value, December 31 Annual advance premium paid January 1 Dividend received on July 1 What amount should be reported as life insurance expense for 2023? P228,000 290,000 120,000 15,000Several years ago. PEPA Company purchased a P3,000,000 ordinary life insurance policy on its president and the company is the named beneficiary. Additional data are available for the year ended December 31, 2020.Cash surrender value of life insurance, December 31, 2020 - P117,000 Annual premium paid in advance on January 1, 2020 - P50,000 Life insurance expense recognized in the statement of comprehensive income for the year ended December 31, 2020 - P38,000How much must have been the cash surrender value of life insurance at PEPA's December 31. 2020 financial statements? a. P 12,000 b. P117,000 c. P129,000 d. P105,000
- Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $5,500 for medical insurance and contribute an additional $9,000 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31.Connolly Corporation, an Ontario employer, paid a $14,000.00 death benefit to the widow of their employee, Jerome Knowles, after he passed away in September. Calculate the net paymentWhen James retired as managing partner of “James and Jerry, CPAs,” he was entitled to a retirement annuity of $75,000 per year until he died. Is this arrangement allowed by the California Accountancy Act? Why or why not?
