The Following Items Are Components of a Traditional Balance Sheet

The following items are components of a traditional balance sheet. How much is the total equity of the firm? $\begin{array}{lc}\text { Long-term debt } & \$ 12,000 \\\text { Common stock } & 15,000 \\\text { Accounts payable } & 8,000 \\\text { Paid in excess } & 6,000 \\\text { Accrued interest payable } & 1,500 \\\text { Plant and equipment } & 60,000 \\\text { Retained earnings } & 28,000 \\\text { Accountsreceivable } & 22,000\end{array}$

A) $62,500
B) $49,000
C) $93,000
D) $97,000