At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $180.000. It is expected to have a five-year life and a $30,000 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 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 Complete this question by entering your answers in the tabs below. Reg Al RAGAZ RegB Compute the depreciation for each of the five years, assuming that the company uses straight line depreciation, Straight line Depreciation $ 108 000 Year 1 Year 2 Year Year 4 Years Reg A1 Reg A2 Reg B Compute the depreciation for each of the five years, assuming that the company uses double declining-balance depreciation. (Leave no cells blank be certain to enter "o" wherever required.) Double Declining Balance Year 1 Year 2 Year 3 Year 4 Year 5 Reg A1 Req AZ ReqB 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. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an Investing activity (TA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry) Show less Balance Sheet COPELAND DRUGSTORE Horizontal Statements Model Income Statement Stockholders Equity Revenue Retained Expenses Income Earnings Net Assets Book Value of Cash Computer System Purchase of computer system Statement of Cash Flows Straight-Line Depreciation Double-Declining-Balance Depreciation 12