How do I create a field that will return the data in another field?

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I have a field called Project Priority which is set-up to log entries.  I have a second field called Current Project Priority and I need that to contain the latest entry from the first field. 

In the past I've used dynamic form rules for this type of need but in this case I want to update all existing records too so a rule won't work (that I know of).

I feel like I'm overlooking a very simple formula or lookup field option for this.  Any help is greatly appreciated.

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Xavier Fan, Champion

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Here's a QuickBase knowledge base article that describes how to do this.

Basically - create a formula field which gets the latest log entry.  You may need to adjust the formula somewhat depending on how your log entry field is set up.