On January 1, Ringwood Co. purchased a forklift for $32.200 cash. The company paid freight charges of $750 to the trucking company to deliver the forklift to its warehouse. The company purchase supplies such as oil and extra tires for $500. The estimated salvage value and useful life of the forklift are $2.900 and 5 years, respectively. Using the straight-line method of depreciation, what is the book value of the equipment as of December 31. Year 37 Select one: a. 514.920 b. $14,620 O c519.770 d. 520.920