Biglersville Corp. purchased equipment at the beginning of 2017 for $16,000. Biglersville Corp. decided to depreciate the equipment over a five-year period using the straight-line method. Biglersville Corp. estimated the equipment's residual value at $1,000. The estimated fair market value at the end of 2017 was $15,000. Which of the following statements is correct concerning Biglersville Corp.'s financial statements at December 31, 2017? a. The total accumulated depreciation is $1,000. b. The book value of the equipment is $30,000. c. The book value of the equipment is $13,000. d. The equipment will be reported on the balance sheet at it fair market value of $15,000.