The property, plant, and equipment accounts for Cheyenne Company held the following opening balances on January 1, 2023 (the first day of Cheyenne's fiscal year): Land $519,000 Equipment 798,000 Accumulated Depreciation-Equipment 122,000 Machinery 459,000 Accumulated Depreciation-Machinery 168,000 The following transactions took place during 2023 (assume all transactions took place on January 1): a. b. C. d. Cheyenne Company paid $19,000 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 $37,000 and accumulated depreciation of $28,900 was traded in on some new equipment. The new equipment had a fair value of $52,200, and Cheyenne was given a trade in allowance of $4,100 for the old equipment. Cheyenne Company made an agreement with GRN Ltd. to exchange two similar plots of land. Cheyenne's land had an original cost of $519,000 and a fair value of $705,000. GRN's land had an original cost of $546,700 and a fair value of $743,600. Cheyenne also paid $38,600 in cash to GRN as part of the transaction. The exchange lacks commercial substance. Cheyenne paid $70,700 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.