On January 1, 2015, Crane Company purchased a P4,000,000 ordinary life insurance policy on its president. Additional data for the year 2018 are: Cash surrender value, January 1, P200,000; Cash surrender value, December 31, P220,000; Annual insurance premium paid on January 1, 2018, P80,000; Dividend received August 1, P10,000. Crane Company is the beneficiary under the life insurance policy. Crane Company should report life insurance expense for 2018 of _______________.

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