A company purchased equipment valued at $294,000. It traded in old equipment for a $235,000 trade-in allowance and the company paid $59,000 cash with the trade-in. The old equipment cost $280,000 and had accumulated depreciation of $56,000. This transaction has commercial substance. What is the recorded value of the new equipment?
A. $235,000.
B. $224,000.
C. $294,000.
D. $283,000.
E. $59,000.
Answer: C
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