A company purchased equipment valued at $122,000. It traded in old equipment for a $72,000 trade-in allowance and the company paid $50,000 cash with the trade-in. The old equipment cost $100,000 and had accumulated depreciation of $30,000. This transaction has commercial substance. What is the recorded value of the new equipment? $70,000. $72,000. $50,000. $120,000. $122,000.