A printing press priced at $280,000 is acquired by trading in a similar press and paying cash

Question:

A printing press priced at $280,000 is acquired by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press.
a. Assuming that the trade-in allowance is $80,000, what is the amount of cash given?
b. Assuming that the book value of the press traded in is $78,750, what is the cost of the new press for financial reporting purposes?