The property, plant, and equipment accounts for Larkspur Company held the following opening balances on January 1, 2020 (the first day of Larkspur's fiscal year): Land $450,000 Equipment 750,000 Accumulated Depreciation-Equipment 110,000 Machinery 440,000 Accumulated Depreciation-Machinery 160.000 The following transactions took place during 2020 (assume all transactions took place on January 1): a. b. C. d. Larkspur Company paid $18,000 related to the machinery and $7,000 related to the equipment for maintenance to keep the assets in normal working order. Equipment with an original cost of $36,000 and accumulated depreciation of $28,000 was traded in on some new equipment. The new equipment had a fair value of $48,000, and Larkspur was given a trade in allowance of $4,100 for the old equipment. Larkspur Company made an agreement with GRN Ltd. to exchange two similar plots of land. Larkspur's land had an original cost of $450,000 and a fair value of $700,000. GRN's land had an original cost of $470,000 and a fair value of $735,000. Larkspur also paid $35,000 in cash to GRN as part of the transaction. The exchange lacks commercial substance. Larkspur paid $65,000 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.