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Naddika [18.5K]
3 years ago
8

Several years ago, Cayuga Capital acquired a $1 million insurance policy on the life of its chief executive officer, naming Cayu

ga Capital as beneficiary. Annual premiums are $20,000, payable at the beginning of each year. In 2021, the cash surrender value of the policy increased from $12,000 to $15,000 according to the contract. Cayuga’s journal entry to record payment of the insurance premium in 2021 would include a:
Business
1 answer:
cestrela7 [59]3 years ago
4 0

Answer:

The Journal entry is as follows:

On December 31st, 2021

Cash surrender value A/c Dr. $3,000

Insurance expense A/c     Dr. $17,000

          To cash A/c                                  $20,000

(To record the payment of the insurance premium)

Working note:

Increase in cash surrender value of the policy:

= $15,000 - $12,000

= $3,000

Insurance expense:

= Annual premiums - Increase in cash surrender value of the policy

= $20,000 - $3,000

= $17,000

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An employee is given a formal written warning for an offense he has committed. Despite this, he proceeds to commit another offen
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Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:
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Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Calculation to determine Reggie medical expense deduction

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Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses  $2,975

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