On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $29,400; Supplies, $790; Equipment, $9,400; Accounts Payable, $8,200. What is the amount of owner's equity as of August 31 of the current year?

$29,810

$47,790

$12,590

$30,600

$31,390