On October 1, 2021, ABM Inc. purchased a piece of equipment on account for $3,000. Payment was made in time to receive 2 percent cash discount on the purchase price. In addition, the company paid $160 for transportation, $400 for installation, and $100 for maintenance during the first year of operations. What is the balance of the account Equipment at December 31, 2021, assuming that no other transactions affected that account during 2021.

A. $3,600

B. $3,500

C. $3,560

D. $3,000

E. $2,940