On January 2, 2024, Bramble Corporation purchased a vehicle for $48,000 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 a journal entry to record the purchase of the vehicle on January 2 ( credit account titles should be indented titles and enter 0 for the amounts)

Follow up questions: prepare the adjusting entries required on December 31, 2024 and 2025. (Credit account titles should be indented when amount is entered. List debit entries before credit entries. If no entry is required, select no entry for the account titles and enter 0 for the amount

Follow up questions: indicate the statement of financial position presentation of the vehicle at December 31. 2024 and 2025 ( round the answers to decimal places eg 5,275)