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Company F insured the life of its CEO for P3,000,000, the entity being the beneficiary of the policy. Annual premium of the policy dated January

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Company F insured the life of its CEO for P3,000,000, the entity being the beneficiary of the policy. Annual premium of the policy dated January 1, 2017 was agreed at P100,000. As of December 31, 2019 and 2020, the cash surrender value of the policy was P30,000 and P37,000, respectively. The CEO died on September 1, 2020 but the policy was settled only at the end of that year. Prepare journal entries to record the transactions from 2017 to 2020

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