4 Cowboy Ice Cream Company (CIC) purchased a new Ice Cream Truck to use in the retail division on January 1, Year 1, for $27,200. In addition, CIC paid sales tax and title fees of $1,010 for the vehicle. The truck is expected to have a five-year life and a salvage value of $6,070. Required 5 points a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest whole dollar amount.) 02:57:47 b. Assume the truck was sold on January 1, Year 3, for $22,257. Determine the amount of gain or loss that would be recognized on the asset disposal. (Round the intermediate calculations to nearest whole dollar amount.) eBook a. per year Year 1 Depreciation Year 2 Depreciation per year b. on sale