Below are two unrelated situations pertaining to life insurance. 1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $30,000. The cash surrender value increased during the year from $3,500 to $6,600. 2. Petroleum Corporation received a $350,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $21,000. 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.) View transaction list Journal entry worksheet 1 2 Ford Corporation owns a whole life insurance policy on the life of its president. The annual premium is $30,000. The cash surrender value increased during the year from $3,500 to $6,600. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal >