A company purchased a machine valued at $58,000. It traded in an old (similar) machine for a $8,200 trade-in allowancemeaning the company paid $49,800 cash with the trade-in. The old machine cost $36,000 and had accumulated depreciation of $31,000. What is the recorded value of the new machine? (Note: The exchange lacks commercial substance.) Please show work.

$8,200

$54,800

$7,200

$58,000

$49,000