City Taxi Service purchased a new auto to use as a taxi on January Year for $ In addition, City paid sales tax and title fees of $ for the vehicle. The taxi is expected to have a fiveyear life and a salvage value of $
Required
a Using the straightline method, compute the depreciation expense for Year and Year
b & c Assume that the taxi was sold on January Year for $ Prepare the general journal entries to record the Year depreciation and sale of the taxi in Year
Complete this question by entering your answers in the tabs below.
Req B and C
Using the straightline method, compute the depreciation expense for Year and Year Round your answers to the nearest whole dollar amount.
References
tableYear Year Depreciation expense,,
