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Presented below are selected transactions for Corbin Company for 2011Jan 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1 2000 The machine cost $90000

Presented below are selected transactions for Corbin Company for 2011.Jan. 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2000. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value.April 30 Sold a machine for $28,000 that was purchased on January 1, 2008. The machine cost $75,000, and had a useful life of 5 years with no salvage value.Dec. 31 Discarded a business automobile that was purchased on April 1, 2007. The car cost $32,000 and was depreciated on a 5-year useful life with a salvage value of $2,000

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