Ray Autobody purchased a car jack for $16,000 on July 1. The estimated useful life of the car jack is 4 years. If the financial statements are prepared on December 31, Ray should make the following adjusting journal entry, assuming adjusting entries are made only annually?

A.debit Depreciation Expense, $4,000, credit Accumulated DepreciationEquipment, $4,000.

B.debit Equipment, $2,000, credit Accumulated DepreciationEquipment, $2,000.

C.debit Depreciation Expense, $2,000, credit Accumulated DepreciationEquipment, $2,000.

D.debit Depreciation Expense, $1,667, credit Accumulated DepreciationEquipment, $1,667.