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 $280,000. It is expected to have a five-year life and a $40,000 salvage value. c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses: (7) Straight-line depreciation. (2) Double-declining-balance depreciation