12. Suppose that on 3/1/2020, Mask, Inc. purchases equipment worth $60,000, signing a note payable. Assume the equipment will be useful the next 5 years and has $0 salvage value and that Mask allocates the cost of this equipment equally over its useful life. Assume the end of the annual accounting period occurs each year on 12/31. What is the 'Net Book Value' of this equipment that would be reported on the firm's Balance Sheet as of 12/31/21? a. $10,000 b. $12,000 c. $22,000 d. $38,000 e. $50,000