Jerry Corp. exchanged equipment used in its manufacturing operations plus some cash for similar equipment used in the operations of Elaine Enterprises in a transaction that lacked commercial substance. The equipment that Jerry gave up had cost him $148,792, had accumulated depreciation of $100,966 and a fair value of $66,426. Jerry also paid $15,942 in the transaction. The equipment that Eliane gave up had cost her $148,792, had accumulated depreciation of $53,140 and a fair value of $82,368. At what amount does Jerry record the new equipment that he received from Eliane?

a.

82,768

b.

82,368

c.

66,426

d.

63,768