Ray Autobody Purchased a Car Jack for $16,000 on July

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, $2,000, credit Accumulated Depreciation-Equipment, $2,000.
B) debit Depreciation Expense, $1,667, credit Accumulated Depreciation-Equipment, $1,667.
C) debit Depreciation Expense, $4,000, credit Accumulated Depreciation-Equipment, $4,000.
D) debit Equipment, $2,000, credit Accumulated Depreciation-Equipment, $2,000.