Current Attempt in Progress On January 2, 2021, 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. Prepare the journal entry to record the purchase of the vehicle on January 2. (List all debit entries before credit entries. 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2. e Textbook and Media List of Accounts Prepare the adjusting entries required on December 31, 2021 and 2022. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Dec. 31, 2022 e Textbook and Media List of Accounts Indicate the statement of financial position presentation of the vehicle at December 31, 2021 and 2022. LILY CORPORATION Statement of Financial Position (partial) December 31 2022 2021 Property, Plant, and Equipment Vehicle $ $ Less Accumulated Depreciation - Vehicles Carrying Amount $ e Textbook and Media List of Accounts