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Question(s) / Instruction(s):

Mazer Company traded in an old delivery truck for a new one. The old truck had a cost of $71,000 and accumulated depreciation of $56,000. The new truck had an invoice price of $134,000. Mazer was given a $21,000 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.            $113,000

B.            $21,000

C.            $134,000

D.            $149,000

E.            $119,000

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