A Company trades in a printing press for a newer model. The cost of the old printing press was $60,000, and accumulated depreciation up to the date of the trade-in amounts to $40,000. The company also pays $40,000 cash for the newer printing press. The fair market value of the newer printing press is $70,000. The exchange has commercial substance. The journal entry to acquire the new printing press will require a debit to Printing Press for:

a. $40,000

b. $60,000

c. $70,000.

d. $100,000.