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 2024, the cash surrender value of the policy increased from $12,000 to $15,000 according to the contract. Cayugas journal entry to record payment of the insurance premium in 2024 would include a:

A: credit to surrender value revenue of $3,000

B: debit to cash surrender value of life insurance of $15,000

C: debit to cash of $20,000

D: debit to insurance expense of $17,000