How to record the change in surrender value, Financial Accounting

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How to record the change in surrender value

Response to the following problem:

At the beginning of the year, the Commodore Company paid its $12,000 annual insurance premium for life insurance on its officers. The cash surrender value of the life insurance policies increased during the year from $8,500 to $10,000. Prepare the journal entries of Commodore Company to record the annual payment and the change in surrender value.

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Financial Accounting: How to record the change in surrender value

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