On december 1, 2020, kelso company acquired new equipment in exchange for old equipment that it had acquired in 2017. 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?
a. $273,000.
b. $352,800.
c. $357,000.
d. $378,000.