Exercise 8-9A Computing and recording straight-line versus double-declining-balance depreciation LO 8-2, 8-3

At the beginning of Year 1, Copland Drugstore purchased a new computer system for 85,000. It is expected to have a five-year life and a $15,000 salvage value.

Required a. Compute the depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation. (I had 7000 as the answer but it is incorrect)

2) Double-declining-balance depreciation. (Year 4 and 5 I have incorrect)

Double-Declining
Year 1	$34,000selected answer correct
Year 2	$20,400selected answer correct
Year 3	$12,240selected answer correct
Year 4	$7,344selected answer incorrect
Year 5	$4,406selected answer incorrect