$(1)$Presented below are selected transactions for Corbin Company for $2024.$

Jan. $1$ Received $$3,000$ scrap value on retirement of machinery that was purchased on January $1,2009.$ The machine cost $$90,000$ on that date and had a useful life of $10$ years with no residual value.

April $30$ Sold a machine for $$31,000$ that was purchased on January $1,2021.$ The machine cost $$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 $1,2020.$ The car cost $$42,000$ and was depreciated on a $5-$year useful life with a residual value of $$2,000.$

Dec. $31$ Exchanged an old machine $($cost $$100,000$ less $$60,000$ accumulated depreciation$)$ plus $$5,000$ cash for a new machine. The old machine had a fair value of $$36,000.$

Dec. $31$ Trades old equipment $($cost $$90,000$ less $$54,000$ accumulated depreciation$)$ for new equipment. Fisher paid $$36,000$ cash in the trade. The old equipment that was traded had a fair value of $$44,000.$

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 $31,2023.$