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City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $29,800. In addition, City paid sales tax and title fees of $1,230 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,220. 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 $23,812. 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 Req B and C 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 expense Reg Band > City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $29,800. In addition, City pald sales tax and title fees of $1,230 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,220. 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 $23,812. Prepare the general Journal entries to record the Year 1 depreciation and sale of the taxi In Year 3. 33:53 Complete this question by entering your answers in the tabs below. Reg A Red Band Assume that the taxi was sold on January 1, Year 3, for $23,812. 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 2 > Record depreciation expense. Note Enter debits before credits Date General Journal Debit Credit Years