A county golf course is reported in an enterprise fund. At the beginning of the year, the fund reports net investment in capital assets of $36,000,000. During the year, the fund acquires equipment of $4,800,000, purchases a building for $12,000,000 financed in part by an $9,600,000 bank loan secured by the building, records $6,000,000 in depreciation on its buildings and equipment, and pays $120,000 in interest on capital-related debt. What is the ending balance for net investment in capital assets?

Select one:

a. $37,320,000

b. $43,200,000

c. $37,200,000

d. $52,800,000