Required information (The following information applies to the questions displayed below.) At the beginning of 2018, Copeland Drugstore purchased a new computer system for $250,000. It is expected to have a five-year life and a $40,000 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 financial statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) Answer is complete but not entirely correct. Balance Sheet COPELAND DRUGSTORE Horizontal Statements Model Income Statement Stockholders Equity Revenue Retained Expenses Earnings Net Income Statement of Cash Flows Assets Book Value of Cash - Computer System (250,000) 250,000 Straight Line Depreciation (250.000) FA D. HE ITI TITTIS POISSI H11 PROHI VISH HITAM Required information not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outtiows with a minu Answer is complete but not entirely correct. Balance Sheet COPELAND DRUGSTORE Horizontal Statements Model Income Statement Stockholders Equity Revenue Expenses Retained Earnings Assets Net Income Statement of Cash Flows (250,000) FA Book Cash Value of Computer System (250,000) 250,000 Straight-Line Depreciation (250,000) + 208,000 - Double-Declining Balance Depreciation 208,000 (42,000) (42,000) (42,000) OA (42,000) (42,000) OAX (42,000)