Ray Autobody purchased a truck for $56,000 on July 1. The estimated useful life of the car jack is 8 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: debit accumulated depreciation - equipment $3,500 and credit depreciation expense $3,500 debit depreciation expense $3,500 and credit vehicle $3,500 debit depreciation expense $3,500 and credit accumulated depreciation - vehicle $3,500 debit depreciation expense $7,000 and credit accumulated depreciation - vehicle $7,000