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Tony and Suzle 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 $12,200. They expect to use the Suburban for five years and then sell the vehicle for $4,600. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $1,850 to GEICO for a one-year Insurance policy. The company spends an extra $3,200 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,050 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 $500 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and Inserting an quired: Becord the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Lipment 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. General Journal Debit Credit Date Jul 01, 2022 GREAT ADVENTURES End of Year Amounts Depreciation Accumulated Expense Depreciation Year Book Value 2022 2023 2024 2025 2026 2027 Total $ 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 1 Record the depreciation expense for the vehicle. 2 Record the expiration of prepaid insurance. Credit Note : = journal entry has been entered Record entry Clear entry View general journal

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