Early Works Had $87,600 in Net Fixed Assets at the Beginning

Multiple Choice

Early Works had $87,600 in net fixed assets at the beginning of the year.During the year,the company purchased $6,400 in new equipment.It also sold,at a price of $2,300,some old equipment with a book value of $1,100.The depreciation expense for the year was $3,700.What is the net fixed asset balance at the end of the year?

A) $76,400
B) $78,800
C) $80,000
D) $87,200
E) $89,400