The property, plant, and equ ipment accounts for Sheridan Company held the following opening balances on January 1, 2020 (the first day of Sheridan's fiscal year): Land Equipment Accumulated DepreciationEquipment Machinery Accumulated Depreciation Machinery $609,000 773,000 133,000 458,000 161,000 The following transactions took place during 2020 (assume all transactions took place on January 1): b. c. d. Sheridan Company paid $18, 100 related to the machinery and $7,400 related to the equipment for maintenance to keep the assets in normal working order. Equipment with an original cost of $40,700 and accumulated depreciation of $31,400 was traded in on some new equipment. The new equipment had a fair value of $51,400, and Sheridan was given a trade in allowance of $4,400 for the old equipment. Sheridan Company made an agreement with GRN Ltd. to exchange two similar plots of land. Sheridan's land had an original cost of $609,000 and a fair value of $710,000. GRN's land had an original cost of $632,700 and a fair value of $748,300. Sheridan also paid $38,300 in cash to GRN as part of the transaction. The exchange lacks commercial substance. Sheridan paid $69,800 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.