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What is the gain on life insurance settlement

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On January 2, 2019, the corporation insured the life of its president for P2,000,000. The corporation was designated as the beneficiary of the policy. The annual premium was P80,000.

The policy carried the following cash surrender values:

December 31, 2019 -

December 31, 2020 -

December 31, 2021 60,000

December 31, 2022 85,000

December 31, 2023 117,500

December 31, 2024 170,000

Question 1: The president died on March 1, 2022. Prepare entries related to the life insurance for the year 2019-2022. What is the gain on life insurance settlement?

Reference no: EM132588681

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