Timothy & Co. purchased a new system 7 years ago for $102,594. The system required an overhaul 3 years ago at a cost of $15,194. It has a current salvage value of $18,325. Annual costs are $7,309. A vendor visited today who offered a new system at a cost of $168,777, with annual operating costs of $5,802. If we were to perform replacement analysis, what amount would we assign as first cost for the existing system?