City taxi service purchased a new auto to use as a taxi on on january 1, 2018, for $36,000. in addition, city paid sales tax and title fees of $1,200 for the vehicle. the taxi is expected to have a five-year life and a salvage value of $4,000.
1. using the straight-line method, compute the depreciation expense for 2018 and 2019.
2. assume the van was sold on january 1, 2020, for $21,000. determine the amount of gain or loss that would be recognized on the asset disposal. (amounts to be deducted should be indicated with minus sign.)
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City taxi service purchased a new auto to use as a taxi on on january 1, 2018, for $36,000. in addit...
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