please read carefully as you must complete the transaction list first in order to calculate the income statement and balance sheet.

**Note that in the income statement, advertising expense is not correct and is marked red, indicating that it is not considered an expense(replace advertising expense with salaries expense). Also, amortization expense is not correct and should be replaced with rent expense.

Great Adventures Problem AP7-1 (GL) 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, 2022, for $12,800. They expect to use the Suburban for five years and then sell the vehicle for $4,900. The following expenditures related to the vehicle were also made on July 1,2022 : - The company pays $2,000 to GElCO for a one-year insurance policy. - The company spends an extra $3,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,200 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 $800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Post-closina The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection