Current Attempt in Progress The property, plant, and equipment accounts for Kingbird Company held the following opening balances on January 1, 2023 (the first day of Kingbird's fiscal year): The following transactions took place during 2023 (assume all transactions took place on January 1): 3. Kingbird Company paid $19,400 related to the machinery and $8,000 related to the equipment for maintenance to keep the assets in normal working order. b. Equipment with an original cost of $41,300 and accumulated depreciation of $30,700 was traded in on some new equipment The new equipment had a fair value of $54,300, and Kingbird was given a trade in allowance of $4,500 for the old equipment. c. Kingbird Company made an agreement with GRN Ltd. to exchange two similar plots of land, Kingbirdis iand had an original cost of $649.000 and a fair value of $767,000. GRN's land had an original cost of $678,200 and a fair value of $810,400. Kingbird also pald $43,400 in cash to GRN as part of the transaction. The exchange lachs commercial substance. d. Kingbird paid 570,700 on a major uperade to some of the equipment that significantly increased the economic life of the equipment