) Cash Surrender Value: ABC Corp is covering for the life insurance of its chairman emeritus. The insurance had the following details: Year Insurance Paid Cash Surrender Value (Beg. of Year) P 50,000 50,000 50,000 50,000 50,000 50,000 50,000 (End of Year) 2019 2020 2021 2021 P 40,000 2022 50,000 62,000 75,000 2023 2024 The chairman died on July 31, 2024. ABC received a total sum of P1,200,000 from the insurance on Sept. 1, 2024. Compute for the following: 41. Life insurance expense – 2021 42. Life insurance expense – 2022 43. Life insurance expense - 2023 44. Life insurance expense - 2024 45. Gain on life insurance settlement
) Cash Surrender Value: ABC Corp is covering for the life insurance of its chairman emeritus. The insurance had the following details: Year Insurance Paid Cash Surrender Value (Beg. of Year) P 50,000 50,000 50,000 50,000 50,000 50,000 50,000 (End of Year) 2019 2020 2021 2021 P 40,000 2022 50,000 62,000 75,000 2023 2024 The chairman died on July 31, 2024. ABC received a total sum of P1,200,000 from the insurance on Sept. 1, 2024. Compute for the following: 41. Life insurance expense – 2021 42. Life insurance expense – 2022 43. Life insurance expense - 2023 44. Life insurance expense - 2024 45. Gain on life insurance settlement
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Cash Surrender Value: ABC Corp is covering for the life insurance of its chairman emeritus. The insurance had the details as shown in the posted material. The chairman died on July 31, 2024. ABC received a total sum of P1,200,000 from the insurance on Sept. 1, 2024. Compute for the following:
a.Life insurance expense – 2021
b.Life insurance expense – 2024
c. Gain on life insurance settlement
Transcribed Image Text:(H) Cash Surrender Value: ABC Corp is covering for the life insurance of
its chairman emeritus. The insurance had the following details:
Year Insurance Paid Cash Surrender Value
(Beg. of Year)
P 50,000
50,000
50,000
50,000
50,000
50,000
50,000
(End of Year)
2019
2020
2021
2021
P 40,000
2022
50,000
62,000
2023
2024
75,000
The chairman died on July 31, 2024. ABC received a total sum of
P1,200,000 from the insurance on Sept. 1, 2024. Compute for the
following:
41. Life insurance expense – 2021
42. Life insurance expense – 2022
43. Life insurance expense – 2023
44. Life insurance expense – 2024
-
45. Gain on life insurance settlement
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