Question: View Policies Current Attempt in Progress -/1 On January 2, 2018, Claymore Corporation purchased a vehicle for $62.500 cash. The company uses straight-line depreciation and

View Policies Current Attempt in Progress -/1 On January 2, 2018, Claymore Corporation purchased a vehicle for $62.500 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. Prepare the journal entry to record the purchase of the vehicle on January 2. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts)

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