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Question
Cliff Company traded in an old truck for a new one. The old truck had a cost of $75,000 and accumulated depreciation of $60,000. The new truck had an invoice price of $125,000. Huffington was given a $12,000 trade-in allowance on the old truck, which meant they paid $113,000 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?A.$15,000
B.$75,000
C.$113,000
D.$125,000
E.$128,000
Answer
This answer is hidden. It contains 218 characters.
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