Mr. B insured his life with his children as beneficiaries. He died after paying P400,000 premiums. His children collected the P2,000,000 life insurance proceeds. How much will be excluded from Mr. B's gross income?

Mr. B insured his life with his children as beneficiaries. He died after paying P400,000 premiums. His children collected the P2,000,000 life insurance proceeds. How much will be excluded from Mr. B's gross income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

GE. 10:13 O O 3
01:57:15 Remaining
Multiple Choice
Mr. B insured his life with his
children as beneficiaries. He
died after paying P400,000
premiums. His children collected
the P2,000,000 life insurance
proceeds.
How much will be excluded from
Mr. B's gross income?
zero
P400,000
P1,600,000
P2,000,000
35 of 60

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