Question: Solve both A and B using the given information. Clty Taxl SeMce purchased new euto to use es on January 1, Year 1, for S2g,ooo

Clty Taxl SeMce purchased new euto to use es on January 1,

Solve both A and B using the given information.

Clty Taxl SeMce purchased new euto to use es on January 1, Year 1, for S2g,ooo In addltlon, Clty pold sales tex and Iltle fees of $670 for the vehlcle. The texl Is expected to have a five-year Ilfe and selvage value of S5.120 Requlred: e. Llslng the stralght-llne method, compute the deprecletlon expense for Year 1 and Year 2. Note: Round your answers to the nearest whole dollar amount. b. Assume the euto was sold on January 1, Year 3, for $22,828. Determlne the amount of galn or loss that would Oe recognlzed on the asset dlsposaL Note: Round the Intermedlete calculation; to nearest whole dollar amount.

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