Presented Below Are Selected Transactions for Corbin Company for 2014

question 172

Essay

Presented below are selected transactions for Corbin Company for 2014.
Jan. 1 Received $3,000 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 residual value.
April 30 Sold a machine for $31,000 that was purchased on January 1, 2011. 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, 2010. 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, 2013.

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Definitions:

Brain Stem

The part of the brain connecting the spinal cord with the forebrain and cerebrum, responsible for basic life functions such as breathing and heartbeat.

Hypnosis

A procedure through which one person, the hypnotist, uses the power of suggestion to induce changes in thoughts, feelings, sensations, perceptions, or behavior in another person, the subject.

Childhood Abuse

Experiences of physical, sexual, or emotional harm during childhood by a parent, caregiver, or another person.

Anxiety

A psychological condition identified by intense sensations of anxiety, worry, or fear, severe enough to disrupt everyday life activities.