Mathew Corp Exchanged Similar Assets with Simone Company in a Transaction

Mathew Corp exchanged similar assets with Simone Company in a transaction with commercial substance. Mathew gave up equipment that had a net book value of $47,000 (fair value $49,000) and Simone exchanged equipment with a net book value of $36,000 (fair value $35,000) . What is the correct value at which Mathew should record the new equipment?

A) $35,000
B) $36,000
C) $47,000
D) $49,000