Water Stone Company purchased equipment at the beginning of 2016 for $92,000 and decided to depreciate it over an 8-year period using the straight-line method. The equipment's residual value was estimated at $3,600. The estimated fair market value at the end of 2016 was $70,000. Which of the following statements is correct at December 31, 2016?

a.	The book value of the equipment will be $80,950.
b.	The equipment should be reported on Water Stones balance sheet at its fair market value of $70,000.
c.	The total credit balance for accumulated depreciation will be $11,500.
d.	The balance in the Equipment account will be reported as $80,950.