QUESTION 5 Cliff Company traded in an old truck for a new one. The old truck had a cost of $80,000 and accumulated depreciation of $64,000. The new truck had an invoice price of $130,000. Huffington was given a $12,800 trade-in allowance on the old truck, which meant they paid $117,200 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? $117,200 $130,000 $16,000 $133,200 $80,000