Tony and Suzie see the need for a rugged ATV to transport the participants and supplies. They decide to buy a used commuter on July 1, 2022 for $15,600. They hope to use the Suburban for five years and then sell the vehicle for $6,300. The following vehicle-related expenses were also incurred on July 1, 2022:

• The company pays $2,700 for the 1-year insurance policy

• The company spends an additional $6,600 to repaint the vehicle.

• An additional $2,900 is spent on a deluxe roof rack and trailer hitch.

The paint, roof rack and hitch are expected to add to the vehicle's future profits. In addition, on October 22, 2022, the company pays $2,200 for basic vehicle maintenance.

 Required

1. Record the expenses related to the new vehicle.

2. Record the depreciation expense of the vehicle.

3. Record the expiration of the prepaid insurance.

Ps please explain this to me. I can't solve this for the life of me.