Please help me (2) Double-declining-balance depreciation. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)No125DateYr. 1Yr. 2Yr. 5Answer is not complete.General JournalDepreciation expenseAccumulated depreciationDepreciation expenseAccumulated depreciationDepreciation expenseAccumulated depreciationXDebit26,00026,00026,000Credit26,000 X26,000 X Required information[The following information applies to the questions displayed below.]No1At the beginning of Year 1, Copland Drugstore purchased a new computer system for 155,000. It isexpected to have a five-year life and a $25,000 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 thefirst account field.)DateYr. 1Answer is complete and correct.General JournalDepreciation expenseAccumulated depreciationDebit26,000Credit26,000

Depreciation is the decrease in the value of the asset due to wear and tear over the useful life of…

[The following information applies to the questions displayed below.] At the beginning of Year 1, Copland Drugstore purchased a new computer system for 155,000. It is expected to have a five-year life and a $25,000 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.) Date Answer is complete and correct. Coneral Journal Debit Credit