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?

Multiple Choice

$137,360

$134,000

$120,560

$84,000

$16,800