Pope, Inc. has life insurance policies on its officers’ lives. Annual premiums amount to $5,000. …

Pope, Inc. has life insurance policies on its officers’ lives. Annual premiums amount to $5,000. At the end of 2017, the cash surrender value of the policies totaled $18,200. Dividends received by Pope from the insurance company amounted to $500 in 2017. The insurance expense recognized by Pope in 2017 was $3,500. What was the amount of cash surrender value of these policies on January 1, 2017?
$10,200
$16,200
$14,200
$17,200

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