On December $1,2020,$ Sunland Company acquired new equipment in exchange for old equipment that it had acquired in $2017.$ The old equipment was purchased for $$207000$ and had a book value of $$77080.$ On the date of the exchange, the old equipment had a fair value of $$82000.$ In addition, Sunland paid $$277000$ cash for the new equipment, which had a list price of $$377000.$ The exchange lacked commercial substance. At what amount should Sunland record the new equipment for financial accounting purposes?O $$359000.$ $$354080.$O $$277000.$ $$377000.$