As part of the initial investment, Ray Blake contributes equipment that had originally cost $110,500 and on which accumulated depreciation of $82,875 has been recorded. If similar equipment would cost $169,800 to replace and the partners agree on a valuation of $46,000 for the contributed equipment, what amount should be debited to the equipment account?

a.$110,500

b.$34,500

c.$46,000

d.$169,800