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Required information [The following information applies to the questions displayed below.) At the beginning of...

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Accounting

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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 $240,000. 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. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) Balance Sheet Assets Book Value of Computer COPELAND DRUGSTORE Horizontal Statements Model Income Statement Stockholders Equity Revenue Not Income Expenses Retained Earnings Statement of Cash Flows Cash Straight-Line Depreciation Double-Declining-Balance Depreciation

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