Presented below are selected transactions for Corbin Company for 2017.

Jan. 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1, 2006. The machine cost $90,000 on that date, and had a useful life of 10 years with no residual value.

April 30 Sold a machine for $31,000 that was purchased on January 1, 2014. The machine cost $90,000, and had a useful life of 5 years with no residual value.

Dec. 31 Discarded a business automobile that was purchased on April 1, 2013. The car cost $42,000 and was depreciated on a 5-year useful life with a residual value of $2,000.

Instructions

Journalize all entries required as a result of the above transactions. Corbin Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2016.