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Huffington company traded in an old delivery truck for a

Question - Huffington Company traded in an old delivery 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?

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Accounting Basics: Huffington company traded in an old delivery truck for a

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Accounting Basics: Huffington company traded in an old delivery truck for a

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