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 $16,000. They expect to use the Suburban for five years and then sell the vehicle for $6,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,800 to GEICO for a one-year insurance policy. The company spends an extra $7,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $3,000 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 $2,400 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 3 View transaction list Journal entry worksheet 1 2 Record the depreciation expense for the vehicle. Note: Enter debits before credits. General Journal Credit Date Debit Dec 31, 2022 Record entry Clear entry View general journal Journal entry worksheet K1 2 Record the expiration of prepaid insurance Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2022 Record entry Clear entry View general journal