Cliff Company traded in an old truck for a new one. The old truck had a cost of $120,000 and accumulated depreciation of $24,000. The new truck had an invoice price of $134,000. Huffington was given a $95,000 trade-in allowance on the old truck, which meant they paid $39,000 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?

$96,000

$120,000

$39,000

$134,000

$135,000