A fixed asset with a cost of $25,283 and accumulated depreciation of $22,755 is traded for a similar asset priced at $67,604 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $4,471, at what cost will the new equipment be recorded in the books?

a.$4,471

b.$67,604

c.$20,812

d.$1,943