LaBelle Corporation owns a $5.0 million whole life insurance policy on the life of its CEO, naming LaBelle as beneficiary. The annual premiums are $94,000 and are payable at the beginning of each year. The cash surrender value of the policy was $54,000 at the beginning of 2018 Required 1. Prepare the appropriate 2018 journal entry to record insurance expense and the increase in the investment, assuming the cash surrender value of the policy increased according to the contract to $69,000 2. The CEO died at the end of 2018. Prepare the appropriate journal entry. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the appropriate 2018 journal entry to record insurance expense and the increase in the investment, assuming the cash surrender value of the policy increased according to the contract to $69,700. (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, not millions.) Show lessA View transaction list Journal entry worksheet Record the entry for insurance expenses and the increase in the investment