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How much should be the life insurance expense

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Question 1: In 2015, Maine Corporation bought a $5,000,000 life insurance policy on its president, of which Maine Corporation is the beneficiary. Information regarding the policy for the year ended December 31, 2020 follows: Cash surrender value, 1/1/2020: $435,000 Cash surrender value, 12/31/2020: $540,000 Annual advance premium paid 1/1/2020: $200,000. During 2020, dividends of $30,000 were applied to increase the cash surrender value of the policy. How much should be the life insurance expense for 2020?

Reference no: EM132864542

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