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 $34,500. The cash surrender value increased during the year from $4,400 to $8,400.
2. Petroleum Corporation received a $440,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $25,500.

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.)