Hyde Co. traded in an old machine with a book value of $15,000 on a new machine. The exchange did not have commercial substance. The new machine, which had a cash price of $75,000, was purchased for $64,000 cash plus the old machine. Hyde should record the cost of the new machine as (a) $64,000 (b) $71,000 (c) $75,000 (d) $79,000