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help please Cliff Company traded in an old truck for a new one. The old truck had a cost of $130,000 and accumulated depreciation of
help please
Cliff Company traded in an old truck for a new one. The old truck had a cost of $130,000 and accumulated depreciation of $39,000. The new truck had an invoice price of $147,000 Huffington was given a $85,000 trade-in allowance on the old truck, which meant they paid $62,000 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? Multiple Choice O O O $153,000 162,000 $130,000 $91,000 $147,000 Step by Step Solution
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