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Required information The fallowing information applies to the questions displayed below] Torny and Suzie see the need for a rugged all-terain vehicte to transport participants
Required information The fallowing information applies to the questions displayed below] Torny and Suzie see the need for a rugged all-terain vehicte to transport participants and supplies. They decide to purchase a used Suburban on July 1,2022 , for $13,400. They expect to use the Suburban for five years and then sell the vehicie for $5,200. The following expenditures related to the vehicle were also made on July 1,2022 - The company pays $2,150 to GEicO for a one-year insurance policy. - The company spends an extra $4,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back and both sides. - An additional $2,350 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benelits of the vehicle for Great Adventures. In addition, on October 22,2022 , the company pays $1,100 for basic vehicle maintenance related to changing the oil replacing the windshield wipers, rototing the tires, and inserting a new air fitter: Required: 1. Record the expenditures related to the vehicle on July 1,2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Journal entry worksheet Record the expenditures related to the new vehicle. waken Inter debits before credits
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