Sigma Corporation exchanged an asset with a book value of $10,000 and paid $1,000 in cash for a another asset from Phi Corporation with a book value of $10,300. The fair value of the given asset was $9,500 and the acquired asset was $10,500. Calculate the cost to be used to record the new asset for Sigma.
a) $11,000
b) $8,500
c) $9,500
d) $10,500