Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31 is as follows: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation: Equipment Unearned Service Revenue Capital Stock Retained Earnings Dividends Service Revenue Earned Salaries Expense Utilities Expense Rent Expense Totals Debit Credit $ 10,990 9,690 1,370 3,400 30,000 $ 12,000 6,850 5,550 23,750 1,630 19,190 8,150 460 1,650 $ 67,340 $ 67,340 The equipment had an estimated useful life of five years. Compute the book value of the equipment at March 31, after the proper March adjustment is recorded. Multiple Choice $17,500