3 QS 3-9 Adjusting for depreciation LO P1 125 points For each separate case, record an adjusting entry (if necessary). 8 07:50:10 a. Barga Company purchases $27.000 of equipment on January 1. The equipment is expected to last five years and be worth $3.400 at the end of that time. b. Welch Company purchases $10.700 of land on January 1. The land is expected to last forever. eBook Prepare the entries to record one year's depreciation expense of $4,720 for the equipment and what depreciation adjustment, if any. should be made with respect to the Land account as of December 31? (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Print View transaction Mat References x 1 Record the depreciation adjustment on equipment on December 31. 2 Record depreciation adjustment on land, if any. Credit Note : journal entry has been entered Record entry Clear entry View general Journal