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What is the recorded value of the new truck

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Reference no: EM133104859

Question - Cliff Company traded in an old truck for a new one. The old truck had a cost of $84,000 and accumulated depreciation of $67,200. The new truck had an invoice price of $134,000. Huffington was given a $13,440 trade-in allowance on the old truck, which meant they paid $120,560 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck?

a. $137,360

b. $134,000

c. 4$120,560

d. $84,000

e. $16,800

Reference no: EM133104859

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