cA company purchases a new piece of machinery that has a list price of $50,000. They trade-in their old piece of machinery and the trade-in allowance is $40,000. The difference is paid in cash in the amount of $10,000. It is determined that the fair value of the machinery being traded-in is $35,000. Assuming the fair value of the old machine is reliable, what price is the new asset recorded at? Select answer from the options below $50,000 $10,000 $45,000 $35,000