On January 2, 2017, Quick Delivery Company traded in an old delivery truck for a newer model. The exchange lacked commercial substance. Data relative to the old and new trucks follow: Old Truck Original cost $24,000 Accumulated depreciation as of January 2, 2007 16,000 Average published retail value 7,000 New Truck List price $40,000 Cash paid with trade in 30,000 What should be the cost of the new truck for financial accounting purposes? $30,000. $36,000. $38,000. $40,000