At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $120,000. It is expected to have a five-year life and a $20,000 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.

Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Journal entry worksheet 5 Record depreciation expense for year 1. Note: Enter debits before credits