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RWP$7-1($Algo$)$ Great Adventures Continuing Case

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$[$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 $1,2025,$ for $$12,600.$ They expect to use the Suburban for five years and then sell the vehicle for $$4,800.$ The following expenditures related to the vehicle were also made on July $1,2025$:

The company pays $$1,950$ to GEICO for a one$-$year insurance policy.

The company spends an extra $$3,600$ to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides.

An additional $$2,150$ 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 $22,2025,$ the company pays $$700$ for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.

$1.$ Record the expenditures related to the vehicle on July $1,2025.$ 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.$)$

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