A fixed asset with a cost of $39,797 and accumulated depreciation of $35,817 is traded for a similar asset priced at $69,878 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $4,724, at what cost will the new equipment be recorded in the books?

a.$73,858

b.$65,154

c.$69,134

d.$69,878