On January $2,2024,$ Lily Corporation purchased a vehicle for $$42,000$ cash. The company uses straight$-$line depreciation and

estimates that the vehicle will have a five$-$year useful life. The company has a December $31$ year end and adjusts its accounts annually.

$($a$)$

Prepare the journal entry to record the purchase of the vehicle on January $2.($Credit account titles are automatically indented when

amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $2$