Cliff Company traded in an old truck for a new one. The old truck had a cost of $120,000 and accumulated depreciation of $36,000. The new truck had an invoice price of $109,000. They were given an $80,000 trade-in allowance on the old truck, which meant they paid $29,000 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?

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