Cliff Company traded in an old truck for a new one. The old truck had a cost of $$88,000$ and accumulated depreciation of $$70,400.$ The new truck had an invoice price of $$138,000.$ Huffington was given a $$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 truck?

Multiple Choice

$$138,000$

$$17,600$

$$88,000$

$$123,920$