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At the beginning of 2016, Copland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000

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At the beginning of 2016, Copland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value. a. Compute the depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation (2) Double-declining-balance depreciation. 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 financial statements model like the following one: c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that company uses (1) Straight-line depreciation. (2) Double-declining-balance depreciation

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