On January 1, the balance in the Equipment account was $20,662; on December 31, the balance was $15,060. The Income Statement reports Depreciation Expense of $2,114. During the year, $6,362 of equipment was sold. What was the cost of the equipment purchased during the year?

A: 2874

B: 3592.5000

C: 4490.6250

D: 5613.2812

E: 7016.6016

F: 8770.7520