Maurice Tutor

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Category > Accounting Posted 11 Jul 2017 My Price 8.00

Cash Surrender Value of Life Insurance

E15-18 Cash Surrender Value of Life Insurance 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.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 07:07 PM My Price 8.00

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