a City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $28,600. In addition, City paid sales tax and title fees of $1,040 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,140. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b&c. Assume that the taxi was sold on January 1, Year 3, for $23,276. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3, Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req Band Assume that the taxi was sold on January 1, Year 3, for $23,276. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) No Credit Date Year 1 General Journal Depreciation expense Accumulated depreciation Debit 4.700 1 4.700 2 Year 3 23,276 Cash Taxi >$ 29,640 X e