The Westford Corporation purchases life insurance policies on its officers, and these policies all carry a cash
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The Westford Corporation purchases life insurance policies on its officers, and these policies all carry a cash surrender value clause. At the beginning of 2007, Westford paid $13,300 in life insurance premiums for one year. During 2007 the cash surrender value of the policies increased from $98,450 to $103,900. At the beginning of 2008 the corporation’s vice president lost his life in an automobile accident. The policy carried on this officer paid $50,000, and the cash surrender value of the policy was $6,480.
Required
Prepare journal entries to record the preceding information on the Westford Corporation’s books.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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2007 Jan 2 Prepaid Insurance 13300 Cash 13300 Dec 31 ...View the full answer
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Navraj Jangir
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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