QS 3-9 (Algo) Adjusting for depreciation LO P1 For esch separate case, record an adjusting entry of necessary). a. Barga Company purchases $23,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,600 at the end of that time b. Weich Company purchases $10,300 of land on January 1 . The land is expected to last forever Prepare the entries to record one year's depreciation expense of $4,080 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 transection/event, select "No journal entry required" in the first account field.)