A company purchased equipment at the beginning of the year for $21,000 and decided to depreciate it over a 5-year period using the straight-line method. The equipment's residual value was estimated at $1,000. The estimated fair market value at the end of the year was $20,000. Which of the following statements is correct at the end of the year?

a.The total accumulated depreciation is $4,200.

b.The equipment will be reported on the balance sheet at it fair market value of $20,000.

c.The book value of the equipment is $17,000.

d.The balance in the Equipment account is $17,000.