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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 2021 15,000 19,000

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 2021 15,000 19,000

FINANCIAL ACCOUNTING
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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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 2021 15,000 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.
Transcribed Image Text: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 2021 15,000 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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