On December 1, 2017, Kelso Company acquired new equipment in exchange for old equipment that it had acquired in 2014. The old equipment was purchased for $210,000 and had a book value of $79,800. On the date of the exchange, the old equipment had a fair value of $84,000. In addition, kelso paid $273,000 cash for the new equipment, which had a list price of $378,000. The exchange lacked commercial substance. At what amount should Kelso record the new equipment for financial accounting purposes?