City Taxi Service purchased a new auto to use as a taxi on January 1 , Year 1 , for $25,100. In addition, City paid sales tax and title fees of $910 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,550. Required as Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. \& \& c. Assume that the taxi was sold on January 1 , Year 3 , for $20,960. 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. Assume that the taxi was sold on January 1, Year 3, for $20,960. 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.) Journal entry worksheet Note: Enter debits before credits
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