ABC Corporation insures the life of its Chief Executive Officer for P3,000,000, indicating the corporation as the beneficiary of an ordinary life policy. The annual premium of P100,000 is payable every January 2nd of the year. The policy is dated January 2, 2021, and carries the following cash surrender values: 2021                                         - 2022                                          - 2023                                    60, 000 2024                                   70, 000 2025                                    89, 200 2026                                    110,800 The corporation follows the calendar year as its fiscal period. President dies on September 30, 2026, and policy is collected on December 2, 2026. What is the amount of insurance expense to be shown in the statement of financial position on 2023?

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