On January 2, 2024, Coronado Corporation purchased a vehicle for $60,000 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. (a) Your answer is correct. Prepare the journal entry to record the purchase of the vehicle on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2 Vehicles Cash eTextbook and Media List of Accounts Debit 60000 Credit 60000

On January 2, 2024, Coronado Corporation purchased a vehicle for $60,000 cash. The company uses straight-line depreciation and estimates that the vehicle will have a five-year useful life. The company has a December 31 year end and adjusts its accounts annually. (a) Your answer is correct. Prepare the journal entry to record the purchase of the vehicle on Ja atuary 2. (Credit occount titles are outomatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the adjusting entries required on December 31, 2024 and 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Indicate the statement of financial position presentation of the vehicle at December 31, 2024 and 2025. (Round answers to 0 decimal places, eg. 5,275.) Indicate the statement of financial position presentation of the vehicle at December 31, 2024 and 2025. (Round answers to 0 decimal places, e.8. 5,275.) Determine the depreciation expense that would have been recorded in part (b) if Coronado had a November 30 year end rather than December 31. Depreciation expense for 2024$ Depreciation expense for 2025$ eTextbook and Media List of Accounts Attempts: 2 of 3 used Using multiple attempts has impacted your score. 10% score reduction atter attempt 1