City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $26,000. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,840. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $21,185. 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. Req A No 1 Assume that the taxi was sold on January 1, Year 3, for $21,185. 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.) 2 Req B and C Date Year 1 Year 3 Answer is not complete. Depreciation expense Accumulated depreciation Accumulated depreciation Cash Gain on sale Taxi General Journal >>>> Debit 4,194 8,388 21,185 1,431 Credit 4,194 26,810

City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $26,000. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,840. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $21,185. 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. Req A No 1 Assume that the taxi was sold on January 1, Year 3, for $21,185. 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.) 2 Req B and C Date Year 1 Year 3 Answer is not complete. Depreciation expense Accumulated depreciation Accumulated depreciation Cash Gain on sale Taxi General Journal >>>> Debit 4,194 8,388 21,185 1,431 Credit 4,194 26,810

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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