At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. 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. Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation. At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. 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. Compute the depreciation for each of the five years, assuming that the company uses double-declining-balance depreciation. Required informotion [The following information applies to the questions displayed below] At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. 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 doubledeclining-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 octivity, and FA for financing octivity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account bolances and cosh outflows with a minus sign.) At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. It is expected to have a five-year life and a $40,000 salvage value. Prepare the journal entrles to recognize depreclation 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. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses straight-line depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. It is expected to have a five-year life and a $40,000 salvage value. c. Prepare the journal entries to recognize 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. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses double declining balance depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 (ii) 3 4 5 Record depreciation expense for year 2. Journal entry worksheet Record depreciation expense for year 3. Journal entry worksheet Record depreciation expense for year 4 Journal entry worksheet Record depreciation expense for year 5
