8 to 19 are based on the following ABC Co. had the life of its president insured for P1,200,000. ABC Co. is the beneficiary. The annual premium is P150,000 payable every August 1 of each year. The policy was dated August 1, 2015 and carried the following: Cash Surrender Value August 1, 2018 August 1, 2019 August 1, 2020 August 1, 2021 P100,000 P160,000 P250,000 P370,000 ABC Co. follows the calendar year. The president dies on March 21, 2021 and the face of the policy is collected on May 1, 2021. Required: Give the journal entry to record. (Round-off computations to the nearest peso). 8. January 1, 2018 reversing entry 9. August 1, 2018 payment of life insurance premium 10. August 1, 2018 recognition of cash surrender value 11. December 31, 2018 adjusting entry to take up unexpired life insurance. 12. December 31, 2018 adjusting entry to update cash surrender value. 13. January 1, 2019 reversing entry 14. August 1, 2019 payment of life insurance premium 15. December 31, 2019 adjusting entry to take up unexpired life insurance. 16. December 31, 2019 adjusting entry to update cash surrender value. 17. December 31, 2020 adjusting entry to update cash surrender value. 18. May 31, 2021 to update cash surrender value 19. May 1, 2021 collection of P1,200,000. Chart of Accounts A. Cash B. Prepaid Life Insurance C. Cash Surrender Value D. Life Insurance Expense E. Gain on Life Insurance