Question 8 of 20 - /0.4 View Policies Current Attempt in Progress 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 $207000 and had a book value of $77080. On the date of the exchange, the old equipment had a fair value of $82000. In addition, Sunland paid $277000 cash for the new equipment, which had a list price of $377000. The exchange lacked commercial substance. At what amount should Sunland record the new equipment for financial accounting purposes? O $359000. O $354080. O $377000 O $277000