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.Prepare the adjusting entries required on December $31,2024$ and $2025.($Credit account titles are automatically indented when

amount is entered. Do not indent manually. List debit entries before credit entries. 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

Dec. $31,$

$2024$

Dec. $31,$

$2025$