QS 3-9 (Algo) Adjusting for depreciation LO P1 For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $35,000 of equipment on January 1. The equipment is expected to last five years and be worth $5,000 at the end of that time. b. Welch Company purchases $11,500 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $6,000 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 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 1 2 Record depreciation adjustment on land, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal