In January 2014, Keyaki Construction Company Exchanged an Old Truck

In January 2014, Keyaki Construction Company exchanged an old truck, which cost $53,000 and had accumulated depreciation of $16,000, for a new truck having a fair market value of $65,000. In connection with the exchange, Keyaki paid $32,000 in cash. What is the tax basis of the new truck?

A) $37,000
B) $54,000
C) $65,000
D) $69,000
E) None of the above