On Jan. 1, 2010, ABC entered into an insurance contract covering the life of its...
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On Jan. 1, 2010, ABC entered into an insurance contract covering the life of its founder. The P100,000 annual insurance premium is payable at the start of the year. By the end of the fifth year, the insurance will have a cash surrender value and it was as follows for the following years: Year Cash Surrender Value 2014 P80,000 2015 100,000 2016 130,000 2017 180,000
If the founder died on Mar 31, 2017, what is the journal entry to update the cash surrender value on the said date?
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