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What amount should Charm report as life insurance expense for 2019? In 2015. Charm Company purchased a P5,000.000 life insurance policy on its president. of

What amount should Charm report as life insurance expense for 2019?


In 2015. Charm Company purchased a P5,000.000 life insurance policy on its president. of which Charm is the beneficiary. information regarding the policy for the year ended December 31, 2019 follows: Cash surrender value, January 'I - P435,00D: Cash surrender value, December 31 - P540000: Annual advance premium paid January 1 - P200,000. During 2019, dividends of P30,000 were applied to increase the cash surrender value of the policy.

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