Bil has the following on his balance sheet:

Accounts payable of $1,600

A bank loan of $12,000

Cash of $3,000

A car that was purchased for $20,000 and has an accumulated depreciation balance of $5,000

Accounts receivable balance of $4,400 Bill's equity is

Select one: a) $8,800 X b) $22,400 c) $18,800 d) $13,600