3. On January 1, 2012, the Going Your Way Taxi Company purchased a new car for $30,000. The car has an estimated life of 5 years and a residual value of $10,000. The company uses the straight line method to estimate depreciation expense. The following transactions related to this asset occurred from January 1, 2014 to January 1, 2015. Routine oil change expense for $120 incurred and paid on March 1. Detail cleaning (interior and exterior) costing $175 incurred and paid on August 1. Depreciation expense for the year booked on December 31. A new transmission was installed on January 1, 2015 costing $10,000. It is expected that this will extend the life of the car by 2 years. a. Provide the journal entries for the first two transactions. b. Provide the journal entry to book the depreciation expense on December 31, 2014. c. What is the book value of the asset on January 1, 2015? d. Provide the journal entry to book the depreciation expense on December 31, 2015.