P1. Coyote Co. purchased a car for $50,000 and paid $2,500 to California DMV for the registration of the car on 1/1, 2021. Coyote also spent $1,500 to paint its logo on the car. Coyote estimated that the useful life of the car is four years or 200,000 miles, and the cars salvage value after its useful life is $8,000. Mileages to be added to the car will be 2021 2022 2023 2024 Total 54,000 miles 55,000 miles 46,000 miles 45,000 miles 200,000 miles Coyote sold the car for $25,000 on 1/1/2023. Instructions: prepare any necessary journal entries for the following transactions 1) Prepare journal entries for the acquisition of the car on 1/1/2021 2) Compute depreciation expenses for 2021 and 2022 using the straight-line method 3) Compute depreciation expenses for 2021 and 2022 using the activity-based method. 4) Prepare journal entries for the car sale on 1/1/2023 using the straight-line method.