On December $1,2025,$ Sheridan Company acquired new equipment in exchange for old equipment that it had acquired in $2019.$ The old equipment was purchased for $$217000$ and had a book value of $$85560.$ On the date of the exchange, the old equipment had a fair value of $$92000.$ In addition, Sheridan paid $$287000$ cash for the new equipment, which had a list price of $$387000.$ The exchange lacked commercial substance. At what amount should Sheridan record the new equipment?