A material handling system was purchased 3 years ago for $111456. Two years ago it required substantial upgrading at a cost of $14621. It once again is requiring an upgrading cost of $24248. Alternately, a new system can be purchased today at a cost of $215856, with a salvage value of $20030. The existing machine could be sold today for $49255. In an economic replacement analysis, what first cost should be assigned to the existing system?