On December $1,$ Kelso Company acquired new equipment in exchange for old equipment. The old equipment was purchased for $$70,000$ and had a book value of $$26,600.$ On the date of the exchange, the old equipment had a fair value of $$28,000.$ In addition, Kelso paid $$91,000$ cash for the new equipment, which had a fair value of $$119,000.$ The exchange lacked commercial substance. At what amount should Kelso record the new equipment for financial accounting purposes?

a$.$ $$91,000$

b$.$ $$117,600$

c$.$ $$119,000$

d$.$ $$126,000$