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 $204000 and had a book value of $71890. On the date of the exchange, the old equipment had a fair value of $79000, In addition, Sheridan paid $274000 cash for the new equipment, which had a list price of $374000. The exchange lacked commercial substance. At what amount should Sheridan record the new equipment? $345890. $374000. $353000. $274000