Tony and suzie see the need for a rugged all-terrain

Reference no: EM13605030

Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They would love to buy a Hummer, but it is just too expensive and too small for their needs, so they settle on a used Suburban. The cost of the Suburban is $12,400. The vehicle is purchased in late June and will be put into use on July 1, 2013. Annual insurance from GEICO runs $1,600 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 $2,900 is spent on a deluxe roof rack and a trailer hitch. They expect to use the Suburban for five years and then sell the vehicle for $4,700. Determine the amount that should be recorded for the new vehicle. - I found that to be $18,700 But now I need to find depreciation expense, accumulated depreciation, and book value for the 5 years: Year Depreciation Expense Accum. Depreciation Book Value 1 2 $2800 3 $2800 4 $2800 5 $2800 6 Then record the sale of the vehicle two years later on July 1, 2015, for $9,800. Please help me with the rest.

Reference no: EM13605030

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