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1 pts Question 27 A corporation purchases life insurance policies on its officers and these policies carry a cash surrender value clause. The lives of its president, vice president, controller and treasurer were all insured for P1,000,000 each on January 1, 2017. The annual premium is P42,000 for each policy, payable at the beginning of each year, and the cash surrender value is increased by 4% of the annual premiums paid. Premium payments were made on the scheduled date by the corporation through 2019, and the following dividends were received at the end of each year of the policy: 2017 P4,500, 2018 P5,750 and 2019 P5,500. On February 1, 2020, the treasurer died and the corporation collected the face value of his policy plus eleven month's premium. Determine: (1) Gain on settlement on February 1, 2020 (Select) (2) Balance of cash surrender value as of December 31, 2020 [ Select) (1) Gain on settlement on February 1, 2020 (Select) ilue as of December 31, Select] 43,689 994820 1,033220 1.038.500 (2) Balance of cash surrender value as of December 31, 2020 [ Select] [Select) 120.950 26.560 20.160 38.500 W