Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban. The cost of the Suburban is $13,600. The vehicle is purchased in late June and will be put into use on July 1, 2019. Annual insurance from GEICO runs $2,000 per year. The paint is starting to fade, so they spend an extra $3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,400 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. They expect to use the Suburban for five years and then sell the vehicle for $4,900.

1c. Record the Journal entry for sale of the vehicle two years later on July 1, 2021, for $11,200

Tony and Suzie see the need for a rugged al terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban. The cost of the Suburbanis $13,600. The vehicle is purchased n late June and will be put into use on July 1, 2019. Annual insurance from GElco runs $2,000 per year. The paint is starting to fade, sa they spend an extra $3400 to repaint the vehicle, placing the Great Adventures logo on the front haod, back, and both sides. An additional $2,400 is spent on a deluxe roof rack and a brailer hitch. The painting, roof rack, and hitch are all expected toincrease the future benefits af the vehicle for Great Adventures. They expect to use the Suburban forfive years and then sell the vehicle lor Prepare depreeiarien sehedule using he straightline method. so Record the sale of the vehicle two years later.on July 1. 2021. for S11.200 Record the sale of ate General Journal Debit Credit July0