E 12-28 Life insurance policy (Appendix 12A) Edible Chemicals Corporation owns a $4 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneliciary. The annual premiums are $70,000 and are payable at the beginning of each year. The cash surrender valoe of the policy was $21,000 at the beginning of 2024 . Required: 1. Prepare the apptopriate 2024 journal entry to record insurance expense and the increase in the investment assamang the cast surrender value of the policy increased acconding to the contract to $27,000. 2. The CEO died at the end of 2024 . Prepare the approntiate journal entry