On December 31, 2018, Fine Company acquired a new delivery truck in exchange for an old delivery truck

that it had acquired in 2012.The old truck was purchased for $70,000 and had a book value of $26,600.

On the date of the exchange, the old truck had a fair value of $28,000.In addition, Fine paid $91,000 cash

for the new truck, which had a list price of $126,000.The exchange lacked commercial substance.At

what amount should Fine record the new truck?

a. $91,000.

b. $119,000.

c. $117,600.

d. $126,000.