8, KIKO Company purchased P5,000,000 life insurance policy on its president and chief executive officer, of which KIKO Company is the beneficiary. Information regarding this policy for 2021 is as follows: Cash surrender value, January 1 P100,000 Annual premium paid on Jnauary 1 200,000 Dividends earned on the policy 20,000 The dividends were applied to increase the cash surrender value. If the life insurance expense reported by KIKO Company in 2021 was P160,000, what is the cash surrender value on December 3
8, KIKO Company purchased P5,000,000 life insurance policy on its president and chief executive officer, of which KIKO Company is the beneficiary. Information regarding this policy for 2021 is as follows: Cash surrender value, January 1 P100,000 Annual premium paid on Jnauary 1 200,000 Dividends earned on the policy 20,000 The dividends were applied to increase the cash surrender value. If the life insurance expense reported by KIKO Company in 2021 was P160,000, what is the cash surrender value on December 3
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 25P
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In 2018, KIKO Company purchased P5,000,000 life insurance policy on its president and chief executive officer, of which KIKO Company is the beneficiary. Information regarding this policy for 2021 is as follows:
Cash surrender value, January 1 P100,000
Annual premium paid on Jnauary 1 200,000
Dividends earned on the policy 20,000
The dividends were applied to increase the cash surrender value.
If the life insurance expense reported by KIKO Company in 2021 was P160,000, what is the cash surrender value on December 31?
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