At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $240,000. 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. 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. Req A1 Req A2 Year 1 Year 2 Year 3 Year 4 Year 5 Req B Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation. Straight-line Depreciation

At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $240,000. It is expected to have a five-year life and a $40,000 salvage value. Required 0. 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 doubledeclining-balance methods in a financial statements model 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