a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 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.) View transaction list Journal entry worksheet 1 2 Record depreciation adjustment on land, if any. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal