Company prepares annual financial statements. On January 1, 2012, it purchased a machine for $80,000. Its estimated useful life was 6 years and its estimated disposal value in 6 years was $7,000. Using straight-line depreciation, what is the adjusting entry on December 31, 2014? Equipment and Retained Earnings both decrease by $13,333 Equipment and Paid-In Capital both decrease by $12,167 Equipment and Retained Earnings both decrease by $12,167 Equipment and Retained Earnings both increase by $24,333 Equipment and Retained Earnings both decrease by $24,333 Equipment and Paid-In Capital both decrease by $13,333