HHH Company purchased a P1,000,000 life insurance policy on its president, of which HHH is the beneficiary. The entity provided the following information regarding the policy for the current year: Cash surrender value, January 1 = 87,000; Cash surrender value on December 31 = 108,000; Annual advance premium paid January 1 = 40,000. During the current year, dividend of P6,000 was applied to increase the cash surrender value of the policy. What amount should be reported as life insurance expense for the current year?

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