View Policies Current Attempt in Progress The property, plant, and equipment accounts for Swifty Company held the following opening balances on January 1, 2020 (the first day of Swifty's fiscal year): Land $553,000 Equipment 766,000 Accumulated Depreciation-Equipment 133,000 Machinery 444,000 Accumulated Depreciation --Maqhinery 166,000 a. The following transactions took place during 2020 (assume all transactions took place on January 1): Swifty Company paid $19,100 related to the machinery and $7,700 related to the equipment for maintenance to keep the assets in normal working order. b. Equipment with an original cost of $40,300 and accumulated depreciation of $31,900 was traded in on some new equipment. The new equipment had a fair value of $54,500, and Swifty was given a trade in allowance of $4,500 for the old equipment. C. Swifty Company made an agreement with GRN Ltd. to exchange two similar plots of land, Swifty's land had an original cost of $553,000 and a fair value of $ 709,000. GRN's land had an original cost of $576,800 and a fair value of $749,800, Swifty also -/1 a. Swifty Company paid $19,100 related to the machinery and $7,700 related to the equipment for maintenance to keep the assets in normal working order. b. Equipment with an original cost of $40,300 and accumulated depreciation of $31,900 was traded in on some new equipment. The new equipment had a fair value of $54,500, and Swifty was given a trade in allowance of $4,500 for the old equipment. c. Swifty Company made an agreement with GRN Ltd. to exchange two similar plots of land. Swifty's land had an original cost of $553,000 and a fair value of $709,000. GRN's land had an original cost of $576,800 and a fair value of $749,800. Swifty also paid $40,800 in cash to GRN as part of the transaction. The exchange lacks commercial substance. d. Swifty paid $67,200 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 Swifty 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 for the amounts.) Debit Credit No. Account Titles and Explanation MacBook Air Question 9 of 9 C. C d