I am looking for help with this general accounting question using proper accounting standards.

On January 1, Westlake Company acquired a new piece of manufacturing equipment with a list price of $240,000. Westlake traded in old equipment and paid $185,000 cash for the new equipment. The old equipment originally cost $120,000 and had accumulated depreciation of $90,000 at the time of the exchange. Determine the cost of the new equipment for financial reporting purposes