At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 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.

Answer is complete but not entirely correct. 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 doubledeclining-balance depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the firs account field.)