Required information (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 $15,400. They expect to use the Suburban for five years and then sell the vehicle for $6,200. The following expenditures related to the vehicle were also made on July 1. 2022 The company pays $2,650 to GEICO for a one-year insurance policy. The company spends an extra $6,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. . An additional $2,850 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 $2,100 for basic vehicle maintenance related changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Required information Record the expenditures related to the new vehicle. Note: Enter debits before credits. Date General Journal D ebit Credit Jul 01, 2022 Financial information for American Eagle is presented in Appendix A Required: 1-a. The summary of significant accounting policies is located in note 2 to the financial statements. Locate the section on property and equipment. What depreciation method does American Eagle use? Straight-line method O Double-declining method O Both straight-line and accelerated methods 1-b. What are the estimated useful lives for buildings and for fixtures and equipment? Buildings 25 years Fixtures and equipment 5 years 2-a. Find note 7 for Property and Equipment. What are the cost and the book value of property and equipment for the year 2018? (Enter answers in thousands of dollars.) The cost of property and equipment is and the book value is 3-a. Find note 8 for Intangible Assets. What intangible asset is listed? Trademarks O Goodwill 3-b. What are listed as the cost and the book value of intangible assets for the year 2018? (Enter answers in thousands of dollars.) The cost is and the book value is 3-c. What is the trend in amortization expense for the past three years? Increase O Decrease