P4. Coyote Co. purchased a car for $60,000 and paid $3,000 to California DMV for the registration of the car on 1/1, 2022. Coyote also spent $2,000 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 car's salvage value after its useful life is $5,000. Mileages to be added to the car will be 2022 2023 2024 2025 Total 45,000 miles 55,000 miles 54,000 miles 46,000 miles 200,000 miles Coyote sold the car for $28,000 on 1/1/2024. Instructions: prepare any necessary journal entries for the following transactions 1) Prepare journal entries for the acquisition of the car on 1/1/2022 2) Compute depreciation expenses for 2022 and 2023 using the straight-line method 3) Compute depreciation expenses for 2022 and 2023 using the activity-based method. 4) Prepare journal entries for the car sale on 1/1/2024 using the straight-line method.