Maxa Marina Exchanged a Boat with a Cost of $80,000

Maxa Marina exchanged a boat with a cost of $80,000 now 75% depreciated) and fair value of $25,000 for another boat with a current fair value of $27,000. No cash was paid or received. The new boat will perform the same function as the old boat, but cash flows are expected to last for 5 years longer with the new boat. At what value should Maxa record the new boat?

A) $27,000
B) $25,000
C) $20,000
D) $2,000