Edible Chemicals Corporation owns a $4 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneficiary. The annual premiums are $70,000 and are payable at the beginning of each year. The cash surrender value of the policy was $21,000 at the beginning of 2024. Required: 1. \& 2. Prepare the appropriate 2024 journal entries to record insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $27,000. The CEO died at the end of 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. Journal entry worksheet Record insurance expense and the increase in the investment. Note: Enter debits before credits