A fixed asset with a cost of $20,044 and accumulated depreciation of $18,040 is traded for a similar asset priced at $56,513 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $5,369, at what cost will the new equipment be recorded in the books? a). 551,144 b). 356,513 c). $558,517 d). $553,148
