Edible Chemicals Corporation owns a $4 million whole life insurance policy on the life of its CEO naming Edible Chemicals as beneficiary. The annual premiums are $77,000 and are payable at the beginning of each year. The cash surrender value of the policy was $24,500 at the beginning of 2018 Required: 1. & 2. Prepare the appropriat 2018 journal entres to record Insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $31,200. The CEO died at the end of 2018. (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.)