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Solve both A and B using the given information. Clty Taxl SeMce purchased new euto to use es on January 1, Year 1, for S2g,ooo
Solve both A and B using the given information.
Clty Taxl SeMce purchased new euto to use es on January 1, Year 1, for S2g,ooo In addltlon, Clty pold sales tex and Iltle fees of $670 for the vehlcle. The texl Is expected to have a five-year Ilfe and selvage value of S5.120 Requlred: e. Llslng the stralght-llne method, compute the deprecletlon expense for Year 1 and Year 2. Note: Round your answers to the nearest whole dollar amount. b. Assume the euto was sold on January 1, Year 3, for $22,828. Determlne the amount of galn or loss that would Oe recognlzed on the asset dlsposaL Note: Round the Intermedlete calculation; to nearest whole dollar amount.
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