1.Ford Corporation owns a whole life insurance policy on the life of its president. Ford...
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Accounting
Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $ The cash surrender value increased during the year from $ to $Petroleum Corporation received a $ life insurance settlement when its CEO died. At that time, the cash surrender value was $ Prepare the appropriate journal entry for each situation.
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