1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $27,000. The cash surrender value increased during the year from $2,900 to $5,400. 2. Petroleum Corporation received a $290,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $18,000. Required: Prepare the appropriate journal entry for each situation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Answer is not complete. General Journal Debit Credit 24,500 Transaction 1 Insurance expense Cash surrender value of life insurance Cash 27,000 2,500 x 2 2 Cash 18,000 Cash surrender value of life insurance 290,000 Gain on life insurance settlement 272,000