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Safehaven Company acquired a life insurance policy to insure the life of its President. The contract started on June 1, 2017 with annual premium payments
Safehaven Company acquired a life insurance policy to insure the life of its President. The contract started on June 1, 2017 with annual premium payments of P90,000. The entity follows a fiscal year ending October 31 and was provided with the following information regarding the cash surrender value on its insurance contract: May 31, 2020-P45,000; May 31, 2021-P63,000. The entity also received dividends of P3,000 from the policy on May 31,2020. What is the life insurance expense for the year ended October 31, 2020
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