Business, 03.07.2020 18:01 unruhlsY25

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 $8,400. The vehicle is purchased in later June and will be put into use onJuly 1, 2019. Annual insurance from GEICO runs $1,350 per year. The paid in starting to dafe, so they spend an extra $2,100 to repaint the vehicle, placing the Great Adventures logo on the from hood, back, and both sides. An additional $1,100 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 $3,600. Required
a. Determine the amount that should be recorded for the new vehicle.
b. Prepare a depreciation schedule using the straight-line method.
c. Record the sale of the vehicle two years later on July 1, 2021, for $7,300.

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Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....

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