Westford Corporation purchases life insurance policies on its officers, and these policies all carry a cash surrender value clause. At the beginning of 2019, Westford paid $13,300 in life insurance premiums for one year. During 2019, the cash surrender value of the policies increased from $98,450 to $103,900. At the beginning of 2020, Westford’s vice president died in an automobile accident. The policy carried on this officer paid $50,000, and the cash surrender value of the policy was $6,480.

Required:
Prepare journal entries to record the preceding information on Westford’s books.