Pope has life insurance policies on its officers' lives. Annual premiums amount to $5,000. At the end of 2014, cash surrender value of the policies totaled $18,200. Dividends received by Pope from the insurance company amounted to $500 in 2014. The insurance expense recognized by Pope in 2014 was $3,500. What was the amount of cash surrender value of these policies on January 1, 2014?
A) $17,200
B) $14,200
C) $16,200
D) $10,200
Correct Answer:
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