S 3-9 Adjusting for depreciation LO P1 For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $33,000 of equipment on January 1. The equipment is expected to last five years and be worth $4,600 at the end of that time. b. Welch Company purchases $11.300 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $5,680 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 2 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before crests. Transaction General Journal Debit Credit > View transaction list Journal entry worksheet < 1 2 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit ULAReber 31 of no entry is required for a trans ent, select "No 48 in the first account field.) View transaction list Journal entry worksheet 1 Record depreciation adjustment on land, if any. Note: Enter debits before credits. Transaction b. General Journal Debit Credit