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 $13,800. They expect to use the Suburban for five years and then sell the vehicle for $5,400. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2,250 to GEICO for a one-year insurance policy The company spends an extra $4.800 to repaint the vehicle, placing the Great Adventures logo on the front hood. back, and both sides. An additional $2.450 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 $1,300 for basic vehicle maintenance related to changing the oil replacing the windshield wipers, rotating the tires, and inserting a new air filter 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.) View transaction list Journal entry worksheet Record the expenditures related to the new vehicle Note: Enter debits before credits 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 $13,800 They expect to use the Suburban for five years and then sell the vehicle for $5,400. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2,250 to GEICO for a one-year insurance policy . The company spends an extra $4,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. . An additional $2.450 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 $1,300 for basic vehicle maintenance related to changing the oil replacing the windshield wipers, rotating the tires, and inserting a new air filter 3. Prepare a depreciation schedule using the straight-line method. GREAT ADVENTURES End of Year Amounts Depreciation Accumulated Expense Depreciation Year Real Value 2022 2023 2024 Total 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 $13.800. They expect to use the Suburban for five years and then sell the vehicle for $5,400. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2,250 to GEICO for a one-year insurance policy The company spends an extra $4.800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2.450 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 $1,300 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter 4. Record the depreciation expense and any other adjustments related to the vehicle on December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the vehicle. 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 $13,800. They expect to use the Suburban for five years and then sell the vehicle for $5,400. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2,250 to GEICO for a one-year insurance policy The company spends an extra $4,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,450 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 $1,300 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter 4. Record the depreciation expense and any other adjustments related to the vehicle on December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the expiration of prepaid insurance. Note: Enter debts before credits
