Edible Chemicals Corporation owns a $3 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneficiary. The annual premiums are $86,000 and are payable at the beginning of each year. The cash surrender value of the policy was $29,000 at the beginning of 2018. Required: 1. & 2. Prepare the appropriate 2018 journal entries to record insurance expense and …
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