From Muppet Wiki

Kermit and the New Bicycle is a Muppet Kids book featuring Kermit and Fozzie Bear. Fozzie has gotten a new Bicycle, and when he is out with his family, Kermit takes it for a ride without permission. Growing more and more brave on the bike, Kermit crashes, bending a tire and scratching the shiny new paint. He takes the bike to be repaired, but is saddened to realize it will take a week to get it back. In the meantime Fozzie has returned and thinks his bike is stolen. He is brokenhearted at his loss, and Kermit finally tells the truth to Fozzie about the accident.