An old truck, which cost $45,000 and was two-thirds depreciated, was exchanged for a tractor with a fair value of $46,500; $30,000 cash was paid for the tractor. The exchange had commercial substance. At what amount should the tractor be recorded?

Select one:

a.

$49,500

b.

$45,000

c.

$46,500

d.

$48,000

e.

$79,500