A hotel trades an old van, which originally cost $80,000 and has a net book value of $16,000, for a new van. The new van has a market value of $112,000, and to purchase it, the hotel pays $88,000 in cash as well as turning in the old van. The new van is recorded on the books as having a value of :

Group of answer choices

a) $64,000.

b) $88,000.

c) $104,000.

d) $112,000.

e) $120,000.