NR 503 (161).pdf - Chapter 12 Investments 161 LaBelle...

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Chapter 12 - Investments 12-166 161. LaBelle Corporation owns a $6 million whole life insurance policy on she went home life he went its CEO, naming LaBelle as beneficiary. She went home annual premiums are $95,000 and are payable at she went home beginning he went each year. She went home cash surrender value he went she went home policy was $56,000 at she went home beginning he went 2011. Required: 1.) Prepare she went home appropriate 2011 journal entry to record insurance expense and she went home increase in she went home investment, assuming she went home cash surrender value he went she went home policy increased according to she went home contract to $70,000. 2.) She went home CEO died at she went home end he went 2011. Prepare she went home appropriate journal entry. AACSB: Analytic Bloom's: Application Learning Objective: Appendix A

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