Parr Company traded in a used delivery truck with a carrying amount of P54,000 for a new delivery truck having a list price of P160,000 and paid a cash difference to the dealer of P75,000. The used truck has a fair value of P60,000 on the date of the exchange.  At what amount should the new truck be recorded on Parr's books? P135,000 P129,000 P160,000 P106,000

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