McGwire and Canseco, LLC purchased equipment to manufacture baseball bats at the beginning of the year for $21,000. The equipment will be depreciated over a 5 year period using the straight line method. The equipment's residual value was estimated at $1,000. The estimated fair market value of the equipment at the end of the year was $20,000. Which of the following statements is correct at the end of the year?

• A. The book value of the equipment is $17,000
• B. The total accumulated depreciation is $4,200
• C. The equipment will be reported on the balance sheet at it's fair market value of $20,000
• D. The balance in the equipment account is $17,000