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*E18-24 (Investment in Life Insurance Policy) Bain Company pays the premiums on two insurance pol- icies on the life of its president, Barbara Bain. Information concerning premiums paid in 1999 is given below. Dividends Net Cash Surrender Value Beneficiary Face Prem. Cr. to Prem. Prem. 1/1/99 12/31/99 1. Bain Co. $250,000 $8,500 $2,940 $5,560 $35,000 $37,900 2. President's spouse 75,000 3,000 3,000 9,000 9,750 Instructions (a) Prepare entries in journal form to record the payment of premiums in 1999. (b) If the president died in January, 2000, and the beneficiaries are paid the face amounts of the policies, what entry would the Bain Company make? *E18-25 (Entries and Disclosure for Bond Sinking Fund) The general ledger of Joe Don Baker Company shows an account for Bonds Payable with a balance of $2,000,000. Interest is payable on these bonds