(H) Cash Surrender Value: ABC Corp is covering for the life insurance of its chairman emeritus. The insurance had the following details: Insurance Paid Cash Surrender Value (Beg. of Year) P 50,000 50,000 50,000 50,000 Year (End of Year) 2019 2020 2021 P 40,000 50,000 62,000 75,000 2021 50,000 50,000 50,000 2022 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

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