Biglersville Corp purchased equipment at the beginning of 2016 for $16,000 . Biglersville Corp decided to depreciate the equipment over a 5-year period using the straight-line method. Biglersville Corp estimated the equipment's residual value at $1,000 . The estimated fair market value at the end of 2016 was $15,000 . Which of the following statements is correct concerning Biglersville Corp's
financial statements at December 31, 2016?
a. The book value of the equipment is $30,000.
b. The book value of the equipment is $13,000.
c. The total accumulated depreciation is $1,000.
d. The equipment will be reported on the balance sheet at it fair market value of $15,000.
b
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