New equipment was purchased with estimated useful life of 5 years at a cost of $175,000, installation of $21,000, freight charges $4,000 and salvage value estimated to be $25,000. In purchasing this new equipment, the previous machine was traded in which had an original cost of $180,000 and had accumulated depreciation of $144,000. The trade-in allowance was $21,000 at the time of the exchange. What should be the cost basis of the new equipment for tax depreciation purpose? Show your method, approach, calculations to the best of your ability

someone gave me this answer but it was wrong:

$175,000+$21000 +$4000-[$180,000-$144,000-$21000)

Cost basis=$185,000