The President died April 1, 2026. How much is the Cash Surrender Value be reported, before any claim, when the President died?
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Nakasiguro Company insured its president for P 5,000,000 with an annual premium, paid initially at the beginning of 2021, for P 80,000. Nakasiguro is the beneficiary. The following transactions aside from the regular premium payment, took place.
|
|
Cash Surrender Value |
Dividends Received (at year end) |
|
2023 |
P 60,000 |
P 5,000 |
|
2024 |
72,000 |
3,000 |
|
2025 |
84,000 |
- |
|
2026 |
92,000 |
4,000 |
The President died April 1, 2026.
How much is the Cash Surrender Value be reported, before any claim, when the President died?
66,000
86,000
64,000
84,000
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Solved in 2 steps
- Nakasiguro Company insured its president for P 5,000,000 with an annual premium, paid initially at the beginning of 2021, for P 80,000. Nakasiguro is the beneficiary. The following transactions aside from the regular premium payment, took place. Cash Surrender Value Dividends Received (at year end) 2023 P 60,000 P 5,000 2024 72,000 3,000 2025 84,000 - 2026 92,000 4,000 The President died April 1, 2026. How much is the gain recognized when the policy was claimed? a. 4,856,000 b. 4,874,000 c. 4,876,000 d. 4,854,000Nakasiguro Company insured its president for P 5,000,000 with an annual premium, paid initially at the beginning of 2021, for P 80,000. Nakasiguro is the beneficiary. The following transactions aside from the regular premium payment, took place. Cash Surrender Value Dividends Received (at year end) 2023 P 60,000 P 5,000 2024 72,000 3,000 2025 84,000 2026 92,000 4,000 The President died April 1, 2026. How much is the gain recognized when the policy was claimed?Tandang Sora Corp. purchased a P5,000,000 ordinary life insurance policy on its president. Tandang Sora is the beneficiary under the policy. The policy year and Tandang Sora's accounting year coincide. Additional data available for the year ended December 31, 2024 are as follows: Cash surrender value, January 1 Cash surrender value, December 31 Annual advance premium paid January 1 Dividend received on July 1 What amount should be reported as life insurance expense for 2024? 348,000 432,000 160,000 24,000
- Silver Company purchased a 2,000,000 ordinary life insurance policy on its president and the company is the named beneficiary. Additional data are available for the year ended December 31, 2020.Cash surrender value: January 1 - 87,000; December 31 - 108,000 Annual premium paid in advance on January 1 - 40,000 Dividend received on July 1 - 6,000How much is Silver Company’s life insurance expense for 2020? A. 40,000 B. 34000 C. 19,000 D. 13,000ABC Company insured the life of one of its officers. Yearly premium amount to P 75,000. At the end of 2020, cash surrender value of the policies totaled P 200,000. Dividends received by ABC from the insurance company amounted to P 10,000 in 2020. The insurance expense recognized by ABC in 2020 was P 45,000. How much was the cash surrender value of life insurance at the beginning of the year? a. P 230,000 b. P 180,000 c. P 220,000 d. P 170,000HANGANG Park has life insurance policies on its officers’ lives. Annual premiums amount to P50,000. At the end of 2020, cash surrender value of the policies totaled P182,000. Dividends received by HANGANG from the insurance company amounted to P5,000 in 2020. The insurance expense recognized by HANGANG Park in 2020 was P35,000.What was the amount of cash surrender value of these policies on January 1, 2020? a. P172,000 b. P162,000 c. P142,000 d. P102,000
- Del Pilar Inc. insured the life of its president for P5,000,000, the corporation being the beneficiary of an ordinary life policy. The monthly premium is P18,000 payable every first day of the month. The policy is dated January 1, 2019 and carries the following cash surrender values: End of policy year Cash surrender value 2019 2020 2021 2022 2023 2024 125,600 140,000 168,800 201,200 The corporation follows the calendar year as its fiscal period. The president died on October 31, 2024. What is the gain on life insurance policy? January 2023Balintawak Inc. insured the life of its president for P4,000,000, the corporation being the beneficiary of an ordinary life policy. The monthly premium is P22,500 payable every first day of the month. The policy is dated January 1, 2019 and carries the following cash surrender values: End of policy year 2019 2020 2021 2022 2023 2024 Cash surrender value 94,500 112,500 148,500 189,000 The corporation follows the calendar year as its fiscal period. The president died on October 1, 2024. What is the gain on life insurance policy?Llanes Corp. insured the life of its CEO for P5,000,000. The corporation was the beneficiary of the life policy. The annual premium, which is paid every April 1, was P400,000. The policy was dated April 1, 2019 and carried the following cash surrender value: End of policy year March 31, 2020 March 31, 2021 March 31, 2022 March 31, 2023 March 31, 2024 March 31, 2025 Cash surrender value 400,000 600,000 810,000 900,000 The company follows the calendar year as its accounting period. The president died on June 30, 2024 and the face value of the policy was collected on July 30, 2024. Prepare the entries from 2019 to 2024.
- On Jan. 1, 2010, ABC entered into an insurance contract coveringthe life of its founder. The P100,000 annual insurance premium ispayable at the start of the year. By the end of the fifth year, theinsurance will have a cash surrender value and it was as follows forthe following years: Year Cash Surrender Value2014 P80,0002015 100,0002016 130,0002017 180,000 A. What is the journal entry on Dec. 31, 2014 to recognized thecash surrender value and adjust the related accounts?Parenthetical solutions would suffice. B. If the founder died on Mar 31, 2017, what is the journalentry to update the cash surrender value on the said date? C. Continuing from the previous number and assuming furtherthat P3,000,000 was received from the insurance, what isthe journal entry to record the gain on settlement and makethe final adjustment to the insurance expense?On Jan. 1, 2010, ABC entered into an insurance contract coveringthe life of its founder. The P100,000 annual insurance premium ispayable at the start of the year. By the end of the fifth year, theinsurance will have a cash surrender value and it was as follows forthe following years:Year Cash Surrender Value2014 P80,0002015 100,0002016 130,0002017 180,000 1. What is the journal entry on Dec. 31, 2014 to recognized thecash surrender value and adjust the related accounts?Parenthetical solutions would suffice. 2. If the founder died on Mar 31, 2017, what is the journalentry to update the cash surrender value on the said date? 3. Continuing from the previous number and assuming furtherthat P3,000,000 was received from the insurance, what isthe journal entry to record the gain on settlement and makethe final adjustment to the insurance expense?N 2. 3. Assume that on July 1, 2021, General Mills bonowed $200,000 cash on a one-year note that required General Mills to pay 5 percent interest and $200,000 principal, both on June 30, 2022 S 1. Prepare the journal entry to establish the note payable on July 1, 2021. Prepare the journal entry to record accrual of interest on December 31, 2021. Journal entry to record accmal Prepare the of interest on June 30, 2022. 4. Prepare the journal entry to record payment of the rote plus payment of interest on June 30, 2022. 046 68910 s 810466891 Colum V#1008
