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Please answer the following A-B On January 1, Year 1, Your Ride Inc. paid $42,000 cash to purchase a taxi cab. The taxi had a

image text in transcribedPlease answer the following A-B

On January 1, Year 1, Your Ride Inc. paid $42,000 cash to purchase a taxi cab. The taxi had a 4-year useful life and a $5,400 salvage value. Required a. Determine the amount of depreciation expense that would appear on the Year 1 and Year 2 income statements. Year 1 Year 2 Depreciation expense b. Determine the amount of accumulated depreciation that would appear on the Year 1 and Year 2 balance sheets. Year 1 Year 2 Accumulated depreciation

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