Provide a description of the events at Smart's Corp. represented by each of the following journal entries:
Definitions:
Government Spends
The total financial expenditures of a government on public services, infrastructure, defense, welfare, and administration.
Insurable Interest
A party who has an interest in property or life.
Beneficiary Payment
A payment made to someone entitled to receive benefits from a legal arrangement or insurance policy.
Whole-life Insurance
A type of permanent life insurance policy that covers the insured's entire lifetime and includes an investment component known as the policy's cash value.
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