Question: *Please provide a step-by-step computation to the following problem? 1. You spent $15,000 to purchase equipment five years ago. This equipment is currently valued at

*Please provide a step-by-step computation to the following problem?

1. You spent $15,000 to purchase equipment five years ago. This equipment is currently valued at $3,000 on today's balance sheet but could be sold for $5,000. Net working capital is $2,000 and long-term debt is $1,000. The equipment is the firm's only fixed asset. What is the book value of shareholders' equity? (Please round, if necessary, your final answer to two decimal places)

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