City Taxi Service purchased a newauto to use as a taxi on January 1, Year 1, for $27,800. In addition, City paid sales tax and title fees of $1.120 for the vehicle The taxi is expected to have a five-year life and a salvage value of $5,290 Required o. Using the straight-ine 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 \$22,388. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxt in Year 3 . Complete this question by entering your answers in the tabs below. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest Whole dollar amount) City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $27.800 In addition, City paid sales tax and utie fees of $1.20 for the vehicle The taxi is expected to have a fue-year life and a calvage value of $5200 Required o. Using the straight-ine method, compute the depreciation expense for Year 1 and Year 2. b \& c Assume that the taxl was sold on Januaty 1 , Year 3, for $22,388. 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. Assume that the taxi was sold on January 1, Year 3, for $22,388. Prepare the general fournal entries to record the Year 1 depredation and sale of the taxi in Year 3. (If no entry is required for a transactiondevent, select "No journal entry requitred" in the first account field.) Journal entry worksheet 2 Noler Enter debits beforo credes