$1.$Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $$26000.$ The cash surrender value increased during the year from $$2700$ to $$5000.2.$Petroleum Corporation received a $$270000,$ life insurance settlement when its CEO died. At that time, the cash surrender value was $$17000.$ Prepare the appropriate journal entry for each situation.