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I need accumulated depr. & Loss New Required information Great Adventures Problem AP7-1 [The following information applies to the questions displayed below.) Tony and Suzle
I need accumulated depr. & Loss
New Required information Great Adventures Problem AP7-1 [The following information applies to the questions displayed below.) Tony and Suzle 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 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. 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, 5. Record the sale of the vehicle two years later on July 1, 2024, for $12,800. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date Debit Credit 1 July 01, 2024 12 800 General Journal Cash Accumulated Depreciation Loss Equipment O 23,300 Step by Step Solution
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