A fixed asset with a cost of $24,737 and accumulated depreciation of $22,263 is traded for a similar asset priced at $60,057 (fair market value) in a transaction with a commercial substance. Assuming a trade-in allowance of $4,264, at what cost will the new equipment be recorded in the books?  a.$4,264 b.$1,790 c.$60,057 d.$20,473

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