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

Pitt Metal 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 $4,700. What is the net fixed asset balance at the end of the year?

A) $76,400
B) $78,800
C) $80,000
D) $88,200
E) $89,400