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Below are two unrelated situations pertaining to life insurance. 1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $25,500. The cash surrender value increased during the year from $2,600 to $4,800. 2. Petroleum Corporation received a $260,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $16,500. Required: Prepare the appropriate journal entry for each situation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Ford Corporation owns a whole life insurance policy on the life of its president. The annual premium is $25,500. The cash surrender value increased during the year from $2,600 to $4,800. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal