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Required information (The following information applies to the questions displayed below) At the beginning of Year 1, Copeland 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 (2) Double declining balance depreciation Complete this question by entering your answers in the tabs below. Req A1 Req AZ Compute the depreciation for each of the five years, assuming that the company uses double-declining-balance depreciation. Double- Declining Balance $ 34,000 $ 20,400 Year 1 Year 2 At the beginning of Year 1. Copeland Drugstore purchased a new computer system for $85,000. It is expected to have a five-year life and a $15,000 salvage value 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 horizontal statements model . (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) Balance Sheet Assets COPELAND DRUGSTORE Horizontal Statements Model Income Statement Stockholders Equity Revenue - Expenses Net Income Retained Earnings Statement of Cash Flows Cash Book Value of Computer Straight-line depreciation 1.1 Double-declining balance depreciation 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. Reqc1 Req c2 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.) View transaction list Journal entry worksheet Record depreciation expense. Note: Enter debits before credits