For each separate case, record an adjusting entry (if necessary) Barga Company purchases $27,000 of equipment on January 1 The equipment is expected to last five years and be worth $3,400 at the end of that time Welch Company purchases $10,700 of land on January 1 The land is expected to last forever Prepare the entries to record one year's depreciation expense of $4,720 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 )

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Question: For each separate case, record an adjusting entry (if necessary). Barga Company purchases $27,000 of equipment on January 1. The equipment is expected to last

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

Barga Company purchases $27,000 of equipment on January 1. The equipment is expected to last five years and be worth $3,400 at the end of that time.
Welch Company purchases $10,700 of land on January 1. The land is expected to last forever.

Prepare the entries to record one year's depreciation expense of $4,720 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.)

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