Cisco Enterprisesreported 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 receivable3,500

Common stock10,000

Notes payable8,000

Net income12,500

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

Select one:

A.$48,000

B.$28,000

C.$60,500

D.$22,500