Tweedie Company reported the following in the long-term asset section of its balance sheet. They did not purchase or sell any Equipment during the period.

 

 

Dec. 31, Year 2

Dec. 31, Year 1

Equipment, net of depreciation of $120,000 and 100,000, respectively

$167,500

$187,500

Patent, net of amortization of $31,500 and $27,000, respectively

 88,000

 92,500

 

The company uses the straight-line method to depreciate and amortize all of its operating assets. No new long-term assets were acquired nor sold during the year. 

What is the historical cost of the equipment?