On December 1, 2008, Fiene Company Acquired a New Delivery

On December 1, 2008, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2005. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a market value of $14,000. In addition, Fiene paid $45,500 cash for the new truck, which had a list price of $63,000. The exchange lacked commercial substance. At what amount should Fiene record the new truck for financial accounting purposes?

A) $45,500
B) $58,800
C) $59,500
D) $63,000