On December 1, 2020, Sheridan Company acquired new equipment in exchange for old equipment that it had acquired in 2017. 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 for hinancial accounting purposes? $387000 $379000 $287000 $372560