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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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