On December 1, 2017,Sheffield Corp.acquired new equipment in exchange for old equipment that it had acquired in 2014. The old equipment was purchased for $210000and had a book value of $76500. On the date of the exchange, the old equipment had a fair value of $85000. In addition,Sheffieldpaid $280000cash for the new equipment, which had a list price of $380000. The exchange lacked commercial substance. At what amount shouldSheffieldrecord the new equipment for financial accounting purposes?