Please answer ASAP! Thank You!

A machine that cost $40,000 and had accumulated depreciation of $30,000 was traded in on a new machine, which had an estimated 20-year life and a cash price of $50,000. If a $7,000 trade-in allowance was received on the old machine, the new machine should be valued at Multiple Choice S10,000 $40,000 $47,000 $50,000 $53,000