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Cowboy Ice Cream Company (CIC) purchased a new Ice Cream Truck to use in the...

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Cowboy Ice Cream Company (CIC) purchased a new Ice Cream Truck to use in the retail division on January 1, Year 1, for $28,400. In addition, CIC paid sales tax and uitle fees of $1,220 for the vehicle. The truck is expected to have a five-year life and a salvage value of $6,160 Required a. Using the straight line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest whole dollar amount.) b. Assume the truck was sold on January 1, Year 3 for $23.271 Determine the amount of gain or loss that would be recognized on the asset disposat (Round the Intermediate calculations to nearest whole dollar amount.) Year 1 Depreciation Year 2 Depreciation per year per your b on sale

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