Dale Jarrett Automotive Dealership contracted with a customer to deliver a sports car in exchange for a negotiated payment of $70,000 due on 12/31/2024. The average lending interest rate is 5% across the entire transaction period. The dealership paid $50,000 for the sports car from its manufacturer. The dealership delivered the sports car on 12/31/2022.

The present value factors for lump sums at a 5% interest rate are:

0.9524 for 1 year, 0.9070 for 2 years, and 0.8638 for 3 years.

Make the entry or entries for the dealership on 12/31/2022 for the delivery of the vehicle. Show your work.