For each separate case, record an adjusting entry (if necessary).

1. 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.
2. Welch Company purchases $10,700 of land on January 1. The land is expected to last forever.

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.)