Exercise 8-11A (Algo) Events related to the acquisition, use, and disposal of a tangible plant asset: straight-line depreciation LO 8-2, 8-5 posso City Taxi Service purchased a new auto to use as a taxi on January 1 Year 1, for $28,200. In addition, City pold sales tax and title fees of $850 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,210. Required a. Using the straight-line method, compute the depreciation expense for Your 1 and Year 2 b&c. Assume that the taxi was sold on January 1 Year 3, for $22.901. Prepare the general Journal entries to record the Year 1 depreciation and sale of the tax in Year 3 Rook Print