Maxim Marina exchanged a boat with a cost of $80,000 ( now 75% depreciated) and fair value of $25,000 for another boat with a current fair value of $27,000. No cash was paid or received. The new boat will perform the same function as the old boat, that cash flows are expected to last for five years longer with the new boat at what value should Maxa record the new boat?

$27,000 $2,000 $20,000 $25,000