On January 1, 2009, Kehoe Corporation insured the lives of its president, vice president, controller, and treasurer

Question:

On January 1, 2009, Kehoe insured the lives of its president, vice president, controller, and treasurer for $100,000 each. The annual premium on each policy is $4,200, payable on January 1 of each year, and the cash surrender values for the policies increase by 4% of the annual premiums paid. Premium payments were made on the scheduled date by the Kehoe through 2011, and the following dividends were received at the end of the year on each policy: 2009, $450; 2010, $575; 2011, $550. On February 1, 2012 the treasurer died and Kehoe collected the of his policy plus 11 months’ premium.

Required
Prepare journal entries to record the preceding information for the years 2009 through 2012. (Round calculations to the nearest dollar.)

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