Somerset Company acquired a piece of equipment with a list price of $200,000 for $174,000. Freight to Somerset's location was $7,000. Installation and testing costs were $9,500. An old piece of equipment was scrapped as a result of this new purchase. The old piece of equipment had an undepreciated value (net book value) of $8,000. The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment