A company's old machine that cost $44,000 and had accumulated depreciation of $33,600 was traded in on a new machine having an estimated 20-year life with an invoice price of $54,400. The company also paid $46,600 cash, along with its old machine to acquire the new machine. If this transaction has commercial substance, the new machine should be recorded at
a. $44,000
b. $57,000
c. $54,400
d. $51800
e, $10,400
