J.1) Which of the following is not an example of a use of special purpose funds?A) Petty cash.B) Payroll.C) Bond repayment.D) Accounts receivable.J.2) Several years ago, Cayuga Capital acquired a $1 million
insurance policy on the life of its chief executive officer, naming
Cayuga 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...