Softrock Minerals purchased a vehicle on March 1, 2014, for cash of $32,000. It will be used

Question:

Softrock Minerals purchased a vehicle on March 1, 2014, for cash of $32,000. It will be used by the president for business purposes for four years and then sold for about $8,000. Softrock's year-end is December 31. Record the entry on March 1, 2014, and the adjusting entry required at the year-ends of 2014 and 2015.