A manufacturing company purchased production line equipment on March 1, 2018. The total price for the equipment was $60,000. Management believes that the equipment has a useful life of 5 years, and will have no residual value. They use the straight-line depreciation method for financial reporting. What is the net book value of the equipment on December 31, 2019?

a. $48,000.00

b. $38,000.00

c. $51,000.00

d. $60,000.00

e. None of the above