uerdse 8-9A Events related to the acquisition, use, and disposal of a tangible plant kecasset: straight-line depreciation LO 8-2, 8-5 Taxi Service purchased a new auto to use as a taxi on January 1, 2016, for $36,000. In addi- City City paid sales tax and title fees of S1.200 for the vehicle. The taxi is expected to have a tion, Required Using the straight-line method, compute the depreciation expense for 2016 and 2017. & Prepare the general journal entry to record the 2016 depreciation. c. Assum a. e that the taxi was sold on January 1, 2018, for $22,000. Prepare the journal entry for the sale of the taxi in 2018