Edible Chemicals Corporation owns a $3 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneficiary. The annual premiums are $71,000 and are payable at the beginning of each year. The cash surrender value of the policy was $21,500 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 $27,600. 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 Record insurance expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1