Based on the following information, what is the net amount that this equipment should be reported at in the balance sheet at December 31, 2012? 
Definitions:
Material Breach
A significant violation or failure to perform one's obligations under a contract, which justifies the non-breaching party's termination of the contract.
Discharge by Performance
The termination of contractual obligations by fully executing the duties and responsibilities outlined in the contract.
Contractual Duty
A legal obligation in a contract requiring a party to act or not act in a certain way.
Statute of Limitations
A statute that establishes the deadline by which legal cases must be filed after an incident occurs.
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