On 1 January 2023, equipment was bought for $50\,000. It is anticipated that the equipment will last for five years and will have a residual value of $10\,000. Depreciation is charged using the straight-line method. What was the balance on the provision for depreciation of equipment account at 31 December 2024?
- A$8000
- B$10\,000
- C$16\,000
- D$20\,000