-using the straight line method, compute the depreciation expense for year 1 and year 2- assume that the taxi was sold on January 1, year 3 for $19741. Prepare the journal entries to record year 1 depreciation and sale of the taxi in Year 3 esAssume that the taxi was sold on January 1, Year 3, for $19,741. Prepare the general journal entries to record the Year 1 depreciationand 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.)View transaction listJournal entry worksheet1Record depreciation expense.Date2Note: Enter debits before credits.Year 1General Journal< Prev.Debit12 of 19Credit#Next > City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $24,400. In addition, City paid sales tax and title fees of$570 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,460.Requireda. 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 $19,741. Prepare the general journal entries to record the Year 1depreciation and sale of the taxi in Year 3.Complete this question by entering your answers in the tabs below.Req AReq B and CUsing the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearestwhole dollar amount.)Depreciation expenseYear 1Year 2Req B and C >

Name: -using the straight line method, compute the depreciation expense for
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: -using the straight line method, compute the depreciation expense for year 1 and year 2- assume that the taxi was sold on January 1, year 3 for $19741. Prepare the journal entries to record year 1 depreciation and sale of the taxi in Year 3 esAssume