Edible Chemicals Corporation owns a $2 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneficiary. The annual premiums are $87,000 and are payable at the beginning of each year. The cash surrender value of the policy was $29,500 at the beginning of 2021. Required: 1. & 2. Prepare the appropriate 2021 journal entries to record insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $37,200. The CEO died at the end of 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record insurance expense. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >