On November 7, 2013, Hillard Company acquired a new forklift in exchange for an old forklift that it had acquired in 2000. The old forklift was purchased for $20,000 and had a book value of $5,000. On the date of the exchange, the old forklift had a market value of $6,000. In addition, Hillard paid $16,000 cash for the new forklift, which had a list price of $25,000. At what amount should Hillard record the new forklift for financial accounting purposes?

a.	$23,000
b.	$24,000
c.	$21,000
d.	$25,000