Example On November 30, 2021, Cedar Fair sold a machine that originally cost $100,000 for $50,000 cash. The machine was placed in service on January 1,2017 . It was depreciated using the straight-line method with an estimated salvage value of $10,000 and the expected useful life for 10 years September 30, 2021 was placed in service on January 1, 2017. It was depreciated using the straight-line method with an estimated salvage value of $10,000 and the expected useful life for 10 years Prepare journal entries to record 1) Sale of asset (with loss on disposal) 2) Retirement of asset