A company's old machine that cost $48,000 and had accumulated depreciation of $37,200 was traded in on a new machine having an estimated 20-year life with an invoice price of $58,800. The company also paid $50,200 cash, along with its old machine to acquire the new machine. If this transaction has commercial substance, the new machine should be recorded at:

$10,800.

$56,600.

$58,800.

$48,000.

$61,000.