The property, plant, equipment accounts for Sage company held the following opening balances on January 1, 2017 ( the first day of Sage’s fiscal year):

Land……………….$641,000

Equipment…………….771,000

Accumulated Depreciation–Equipmen……….119,000

Machinery……………………….459,000

Accumulated Depreciation–Machinery………170,000

The following transactions took place during 2017 (assume all transactions took place on January 1):

a. Sage Company paid $18,200 related to the machinery and $7,600 related to the equipment for maintenance to keep the assets in normal working order.

b. Equipment with an original cost of $39,100 and accumulated depreciation of $29,400 was traded in on some new equipment. The new equipment had a fair value of $49,300, but Sage was given a trade in allowance of $4,500 for the old equipment.

c. Sage company made an agreement with GRN Ltd. To exchange two similar plots of land. Sage’s land had an original cost of $641,000 and fair value of $715,000. GRN’s land had an original cost of $661,400 and a fair value of $759,000. Sage also paid $44,000 in cash to GRN as part of the transaction. The exchange lacks commercial substance.

d. Sage paid $67,000 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.

Prepare the journal entries to record the above transactions on the books of Sage Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.