what us depreciation expense for year 1 and year 2?

City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $23,500. In addition, City paid sales tax and title fees of $840 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,100. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b&c. Assume that the taxi was sold on January 1 Year 3, for $19,601. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Complete this question by entering your answers in the tabs below. Req A Req B and c Assume that the taxi was sold on January 1, Year 3, for $19,601. Prepare the general Journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet 1 2 > Record depreciation expense. Note: Enter debits before credits. Date Year 1 General Journal Debit Credit Record entry View general journal Clear entry