For each separate case, record an adjusting entry $($if necessary$).$

Barga Company purchases $$29,000$ of equipment on January $1.$ The equipment is expected to last five years and be worth $$3,800$ at the end of that time.

Welch Company purchases $$10,900$ of land on January $1.$ The land is expected to last forever.

Prepare the entries to record one year$$s depreciation expense of $$5,040$ for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December $31?$

Note: If no entry is required for a transaction$/$event$,$ select" No Journal entry required" in the first account field.

Record the depreciation adjustment on equipment on December $31.$

Note: Enter debits before credits