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

Reference no: EM13597609

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 $12,800. The vehicle is purchased in late June and will be put into use on July 1, 2011. Annual insurance from GEICO runs $1,000 per year. The paint is starting to fade, so they spend an extra $3,600 to repaint the vehicle placing the Great Adventures logo on the front hood, back, and both sides. An additional $3,100 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 $3,700.Determine the amount that should be recorded for the new vehicle.

Reference no: EM13597609

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