P-18 ACCT 221 Q-9 NAME Ex. 266 Presented below are selected transactions for Corbin Company for 2013. Jan. 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2003. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value Sold a machine for $34,000 that was purchased on January 1, 2010. The machine cost $90,000, and had a useful life of 5 years with no salvage value. Discarded a business automobile that was purchased on April 1, 2009 April 30 Dec. 31 . The car cost ar useful life with a salvage value of $2,000