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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life
and a $7,000 salvage value.
Required
a Compute the depreclation for each of the five years, assuming that the company uses
(1) Stralght-line depreciation.
(2) Double-declīning-balance depreclation.
b. Record the purchase of the computer system and the depreclation expense for the first year under stralght-line and double-
declining-balance methods In a financlal statements model
Complete this question by entering your answers in the tabs below.
Req A1
Req A2
Req B
Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation.
Straight-line
Depreciation
Year 1
is
20,800
Year 2
Year 3
Year 4
Year 5
Req A2 >
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