A machine that cost $40,000 and had accumulated depreciation of $30,000 was traded in on a new machine, which had an estimated 20-year life and a cash price of $50,000. If a $7,000 trade-in allowance was received on the old machine, the new machine should be valued at Multiple Choice $40.000 $10,000 $40,000 $10,000 $53,000 O $50,000 $47.000