Somerset Company acquired a piece of equipment with a list price of $200,000 for $158,000.Freight to Somerset's location was $4,000.Installation and testing costs were $8,500.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?