On January 2, 20X1, McGillicuddy Company traded in an old delivery truck for a newer model of like kind and quality (i.e. lacks commercial substance). Data relative to the old and new trucks are as follows: Old Truck: i) original cost $24,000, and ii) accumulated depreciation as of January 2, 20X1 $16,000. New Truck: i) list price $40,000, and ii) cash paid with trade-in $30,000. What should be the cost of the new truck for financial accounting purposes?