8 Complete this question by entering your answers in the tabs below. Req A1 Req A2 Compute the depreciation for each of the five years, assuming that the company uses double-d- Double- Declining- Balance Year 1 Year 2 S Year 3 Year 4 Year 5 < Req A1 Req A2 Prev 1 2 G2 3 of 6 www Next >> Due 6-8-22 i Required information Saved = Help Save & E. [The following information applies to the questions displayed below] At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $290,000. It is expected to have a five-year life and a $40,000 salvage value. b. Record the purchase of the computer system and the depreciation expense for the first year under straight-line and double- declining-balance methods in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an element is affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) COPELAND DRUGSTORE Horizontal Statements Model Balance Sheet Income Statement Stockholders' Assets = Statement of Cash Cash Book Value of Computer = Equity Retained Earnings Revenue Expenses = Net Income Flows + Straight-line depreciation Double-declining-balance depreciation + S < Prev 2 3 of 6 Next > Journal entry.worksheet 1 Record depreciation expense. Note: Enter debits before credits. Date Yr. 1 General Journal Debit Credit Clear entry Record entry View general journal < Req C1 Req C2 > Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $290,000. It is expected to have a five-year life and a $40,000 salvage value. Required a. Compute the depreciation for each of the five years, assuming that the company uses: (1) Straight-line depreciation. (2) Double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation. Straight-line depreciation for each year search O S DOLL 8:20 87F 6/8/2