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 $220000 and had a book value of $85500. On the date of the exchange, the old equipment had a fair value of $95000. In addition, Sunland paid $290000 cash for the new equipment. which had a list price of $390000. The exchange lacked commercial substance. At what amount should Sunland record the new equipment for financial accounting purposes? $375500.$290000$385000$390000