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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
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 supplles. They decide to purchase a used Suburban on July 1, 2025, for $15,800. They expect to use the Suburban for five years and then sell the vehicle for 56,400. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2.750 to GEICO for a one-year insurance pollcy. - The compary spends an extra $6.800 to repaint the vehicle, placing the Great Adventures logo on the front hood. back, and both sides. - An additional \$2,950 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 adenion, on October 22,2025 , the company pays $2,300 for basic vehicle malntenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new alr fiter. 3. Prepare a depreciation schedule using the straight-line method 4. Record the depreciation expense and any other adjusting entries related to the vehicle on December 31 , 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation expense for the vehicle. Note: Enter debits before credits. Required: 5. Record the sale of the vehicle two years later on July 1,2027 , for $13,800. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before cred its
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