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Please prepare the journal entries and provide explanations. Holiday received $56,000 in municipal bond interest during 2017. Holiday also paid $17,400 in insurance premiums for

Please prepare the journal entries and provide explanations.

Holiday received $56,000 in municipal bond interest during 2017. Holiday also paid $17,400

in insurance premiums for a life insurance policy for the CEO on which Holiday is the

beneficiary. Holiday also paid $3,000 in insurance premiums on other key executives but

Holiday is not the beneficiary on these policies.

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