For each separate case, record an adjusting entry (if necessary). Barga Company purchases $38,000 of equipment on January 1. The equipment is expected to last five years and be worth $5,600 at the end of that time. Welch Company purchases $11,800 of land on January 1. The land is expected to last forever. Prepare the entries to record one years depreciation expense of $6,480 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.)