sulle 0u.) b. 3,200 a. O c. 12,800 d. 16,000 (AICPA) 6. At May 31, 20x1, Quay owned a P10,000 whole-life insurance policy with a cash surrender value of P4,500. The cash surrender value is used as a collateral security for an outstanding loan of P2,500. In Quay's May 31, 20x1 statement of financial position, what amount should be reported as investment in life insurance? a. 4,500 b. 7,000 c. 7,500 d. 10,000 (AICPA)