Cliff Company traded in an old truck for a new one. The old truck hod a cost of $88,000 and accumulated depreciation of $70,400. The new truck had an involce price of $138,000, Huffington was glven a $14,080 trade-in allowance on the old truck, which meant they paid $123,920 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 ruck? Multiple Choice $17,600 S88.000 $123.920 $138,000 $141.520