Homework Assignment 9 Question 1 of 7 Current Attempt in Progress - / 13 The property, plant, and equipment accounts for Culver Company held the following opening balances on January 1, 2023 (the first day of Culver's fiscal year): Land $524,000 Equipment 788,000 Accumulated Depreciation-Equipment 144,000 Machinery 443,000 Accumulated Depreciation-Machinery 168,000 The following transactions took place during 2023 (assume all transactions took place on January 1): a. Culver Company paid $19,800 related to the machinery and $7,000 related to the equipment for maintenance to keep the assets in normal working order. b. C. d. Equipment with an original cost of $38,200 and accumulated depreciation of $28,300 was traded in on some new equipment. The new equipment had a fair value of $53,000, and Culver was given a trade in allowance of $4,300 for the old equipment. Culver Company made an agreement with GRN Ltd. to exchange two similar plots of land. Culver's land had an original cost of $524,000 and a fair value of $777,000. GRN's land had an original cost of $548,100 and a fair value of $815,900. Culver also paid $38,900 in cash to GRN as part of the transaction. The exchange lacks commercial substance. Culver paid $66,900 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment. SUPPORT