A fixed asset priced at \(\$ 100,000\) is acquired by trading in a similar asset that has a book value of \(\$ 25,000\). Assuming that the trade-in allowance is \(\$ 30,000\) and that \(\$ 70,000\) cash is paid for the new asset, what is the cost of the new asset for financial reporting purposes?

A. \(\$ 100,000\)

B. \(\$ 95,000\)

C. \(\$ 70,000\)

D. \(\$ 30,000\)