A fixed asset with a cost of $32,265 and accumulated depreciation of $29,039 is traded for a similar asset priced at $64,781 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $4,727, at what cost will the new equipment be recorded in the books? a.$64,781 b.$27,538 c.$4,727 d.$1,501

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