[The following information applies to the questions displayed below.] At the beginning of Year 1, Copland Drugstore purchased a new computer system for 120,000. It is expected to have a five-year life and a $20,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)