Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance.

	Old Equipment								Cash
	Book Value				Fair Value				Paid
Case A	$	50,700			$	60,500			$	15,300
Case B	$	39,100			$	35,600			$	7,300

In Case A, Grand Forks would record the new equipment at:

Multiple Choice

a) $60,500.

b) $50,700.

c) $75,800.

d) $66,000.