Motown Corporation trades in a delivery vehicle for a new delivery vehicle. Assume the transaction has commercial substance. The following information regarding the exchange is available: Cost of Motown's vehicle (old) $ 60,000 Accumulated Depreciation - Motown's vehicle (old) $ 16,000 Fair value Motown's vehicle (old) $ 33,000 List price of new vehicle (new) $ 78,000 Trade in allowance for Motown's vehicle (old) $ 34,000 Compute the basis of the new vehicle to be recorded on Motown's books.