Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $26,000. The cash surrender value increased during the year from $2,700 to $5,000.
Petroleum Corporation received a $270,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $17,000.
Required:
Prepare the appropriate journal entry for each situation.
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Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation i...
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