The property, plant, and equipment accounts for Oriole Company held the following opening balances on January $1,2023($the first day of Oriole's fiscal year$)$:

Land $$609,000$

Equipment $773,000$

Accumulated Depreciation$-$Equipment $133,000$

Machinery $458,000$

Accumulated Depreciation$-$Machinery $161,000$

The following transactions took place during $2023($assume all transactions took place on January $1)$:

a$.$ Oriole 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.

b$.$ 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 $$51,400,$ and Oriole was given a trade in allowance of $$4,400$ for the old equipment.

c$.$ Oriole Company made an agreement with GRN Ltd$.$ to exchange two similar plots of land. Oriole's land had an original cost of $$609,000$ and a fair value of $$710,000.$ GRN$\text{'}$s land had an original cost of $$632,700$ and a fair value of $$748,300.$ Oriole also paid $$38,300$ in cash to GRN as part of the transaction. The exchange lacks commercial substance.

d$.$ Oriole paid $$69,800$ on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.

User

The property, plant, and equipment accounts for Oriole Company held the following opening balances on January $1,2023($the first day of Oriole's fiscal year$)$:

Land $$609,000$

Equipment $773,000$

Accumulated Depreciation$-$Equipment $133,000$

Machinery $458,000$

Accumulated Depreciation$-$Machinery $161,000$

Prepare the journal entries for the following transactions. The following transactions took place during $2023($assume all transactions took place on January $1)$:

a$.$ Oriole 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.

b$.$ 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 $$51,400,$ and Oriole was given a trade in allowance of $$4,400$ for the old equipment.

c$.$ Oriole Company made an agreement with GRN Ltd$.$ to exchange two similar plots of land. Oriole's land had an original cost of $$609,000$ and a fair value of $$710,000.$ GRN$\text{'}$s land had an original cost of $$632,700$ and a fair value of $$748,300.$ Oriole also paid $$38,300$ in cash to GRN as part of the transaction. The exchange lacks commercial substance.

d$.$ Oriole paid $$69,800$ on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.

Prepare the journal entries for the above transactions.