Oxford Company obtained a P5 million insurance policy on the life of its CEO on January 1, 2019. The company follows calendar year reporting. The annual premium on the policy is P80,000. Information about dividends and cash surrender value are given below. Dividend received on December 31 Cash surrender value Life insurance expense 2021 5,000 42,000 ? 2022 6,000 ? 69,000 Based on the above and the result of your audit, answer the following: 1. The insurance expense in 2021 is? 2. The cash surrender value at December 31, 2022 is? 3. Assuming the president dies on July 1, 2022 and the face of the policy is collected on July 31, 2022, the gain on life insurance settlement is