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This error message is indicating that there is an issue with the Gradle plugin used by your Android application. It appears that the specific version (7.4.2) of the 'com.android.application' plugin cannot be found by the build system.

To fix this error, try the following steps:

1. Check your build.gradle file for any errors. Look for any syntax errors or missing dependencies.
2. Check that you have an active internet connection. Gradle may require downloading dependencies from remote repositories.
3. Try cleaning and rebuilding your project. In Android Studio, go to Build > Clean Project, then Build > Rebuild Project.
4. Check that your Gradle plugin and Android Gradle Plugin versions are compatible. Update them if needed, and rebuild.

If the issue persists, consider updating or reinstalling Android Studio.