5 Required information Great Adventures Problem AP7-1 [The following information applies to the questions displayed below) Tony and Suzie see the need for a rugged all terrain vehicle to transport participants and supplies They decide to purchase a used Suburban on July 1, 2022, for $14,800. They expect to use the Suburban for five years and then sell the vehicle for $5.900 The following expenditures related to the vehicle were also made on July 1, 2022 3 ok . The company pays $2,500 to GEICO for a one-year insurance policy The company spends an extra $5,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2.700 is spent on a deluxe roof rack and a trailer hitch ences The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures, In addition, on October 22, 2022. the company pays $1.800 for basic vehicle maintenance related to changing the oil. replacing the windshield wipers, rotating the tires, and inserting a new air filter Great Adventures Problem AP7-1 Part 4 4. Record the depreciation expense and any other adjustments related the vehicle on December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet 1 2 Record the depreciation expense for the vehicle. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2022 Record entry Clear entry View general journal View transaction list Journal entry worksheet Joy. Record the expiration of prepaid insurance. res Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2022 Record entry Clear entry View general Journal