QS 3-9 Adjusting for depreciation LO P a. Barga Company purchases $20,000 of equipment on January 1,2017. 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, 2017. The land is expected to last indefinitely 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, 2017? (If no entry is required for a transaction/event, select No journal entry required" in the first account field.)