44. XYZ, Inc. has a life insurance policy with its president as the insured. MR. X is the beneficiary of said policy. The annual premium is $5,000. As of December 31, 2020, the cash surrender value of the policy is $18,200 (final balance). The insurance expense recognized in the Statement of Income and Expenses for the period ended December 31, 2020 was $4,000.

What was the cash surrender value of this policy on January 1, 2020 (opening balance)?

Select one:

to. $17,200.

b. $9,200.

c. $11,200.

d. $14,200.