On Jan. 1, 2010, ABC entered into an insurance contract covering the life of its founder. The P100,000 annual insurance premium is payable at the start of the year. By the end of the fifth year, the insurance will have a cash surrender value and it was as follows for the following years: Year Cash Surrender Value 2014 P80,000 2015 100,000 2016 130,000 2017 180,000

Continuing from the previous number and assuming further that P3,000,000 was received from the insurance, what is the journal entry to record the gain on settlement and make the final adjustment to the insurance expense?