City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $27,600. In addition, City paid sales tax and title fees of $1,190 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,400. 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 $22,349. 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. Req A Reg 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.) Year 1 Year 2 Depreciation experise Rey Band C > Assume that the taxi was sold on January 1, Year 3, for $22,349. 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.) Vww transaction ist Journal entry worksheet Rocord depreciation expense. Nota: Enter det before credit Date General Journal Debit Credit Year 1 Journal entry worksheet