In the current year, Keyaki Construction Company exchanged an old truck, which cost $53,000 and had accumulated depreciation of $16,000, for a new truck having a fair market value of $65,000. In connection with the exchange, Keyaki paid $28,000 in cash. What is the tax basis of the new truck? a. $37,000 b. $54,000 c. $65,000 d. $69,000 e. None of the above