In an exchange that had commercial substance, Blocker Co. traded in an old knitting machine with a fair market value of $60,000 and gave $10,000 cash to acquire a new electronic knitting machine. The old machine cost $90,000 and had a book value of $67,000. What amount should Blocker record for the new electronic knitting machine? Group of answer choices $77,000 $70,000 $60,000 $67,000