Check my work City Taxi Service purchased a new auto to use as a taxi on January 1 Year for $25,500. In addition, City paid sales tax and title fees of $1340 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,020, 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 $20.691. Prepare the general Journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Complete this question by entering your answers in the tabs below. fe Red Band Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest whole dollar amount.) Yoar 1 Year 2 Depreciation expense Reg and c> 9 Check my work Reg Req Bande Assume that the taxi was sold on January 1, Year 3, for $20,691. 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 accountfield points View transactions Book Journal entry worksheet Print ces 2 > Record depreciation expense. Note Entert before Canal Journal Debat C Yeart Recent mall Mc IRO Saved Help Save & Exit Submit Check my work Reg A Reg Band C Assume that the taxi was sold on January 1, Year 3, for $20,691. 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) View transaction list Journal entry worksheet 1 Record entry for sale of taxi and gain on sale. Note: Enter debits before credits General Journal Debit Credit Date Year 3 PC CE Vio