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At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is expected to have a five-year life and a

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At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. 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 ok net Complete this question by entering your answers in the tabs below. POO Hint Reg A1 Reg AZ Req B Print rences Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation Straight-line Depreciation Year 1 Year 2 Year 3 Year 4 Year 5 Reg A2 > Complete this question by entering your answers in the tabs below. es Reg A1 Jeg 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 Years Reg A1 Reg A2 RegB 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 (IA), 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 OM nces COPELAND DRUGSTORE +Horizontal Statements Model Balance Sheet Income Statement Assets Stockholders' Equity Book Value Revenue Expenses - Net Income Retained Cash - of Computer Earnings System Purchase of computer system Statement of Cash Flows Straight-Line Depreciation Double Declining Balance Depreciation Reg A2

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