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City Taxi Service purchased a new auto to use as a taxi on January 1,...

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Accounting

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City Taxi Service purchased a new auto to use as a taxi on January 1, 2016, for $29,400. In addition, City paid sales tax and title fees of $870 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,110 Required a. Using the straight-line method, compute the depreciation expense for 2016 and 2017. (Round your answers to the nearest whole dollar amount.) 2016 2017 Depreciation expense b. Prepare the general journal entry to record the 2016 depreciation. (If no entry is required for a transaction/event, select"No journal entry required in the first account field.) View transaction list Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Date General Journal Debit Credit 2016 Record entry Clear entry View general journal

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