5.27

Company H has an insurance policy for which it pays an annual premium of $1,000. During 19B, the cash surrender value increased from $300 to $400. Prepare an entry for the payment of the insurance premium

5.28

When the chief executive officer of Corporation K died, the company received insurance benefits of $500,000. At this time, the cash surrender value was $150,000. Prepare an entry for the receipt of the insurance benefits