12. On December 1, 2017, Vaughn Manufacturing acquired new equipment in exchange for old equipment that it had acquired in 2014. The old equipment was purchased for $222000 and had a book value of $88270. On the date of the exchange, the old equipment had a fair value of $97000. In addition, Vaughn paid $292000 cash for the new equipment, which had a list price of $392000. The exchange lacked commercial substance. At what amount should Vaughn record the new equipment for financial accounting purposes?