Cisco Enterprises reported total assets at December 31 totaling $68,500. The following selected amounts were taken from the company's financial statements for its year ending December 31:

Retained earnings, beginning	$38,000		Sales	$170,000
Accounts receivable	3,500		Common stock	10,000
Notes payable	8,000		Net income	12,500

How much is the company's shareholders' equity as of December 31?

Select one:

A. $60,500

B. $48,000

C. $28,000

D. $22,500