Question: 4) Smith purchased on January 1, 2022 a computer system costing $40,000 with $4000 salvage expected life of 5 years. Compute the depreciation expense for

4) Smith purchased on January 1, 2022 a computer system costing $40,000 with $4000 salvage expected life of 5 years. Compute the depreciation expense for all five years using the following depreciation methods: 1) Straight line 2) Double declining You do not have to prepare the journal entries Extra Credit: Please record the journal entry necessary if the computer system was sold after 5 years for $6,000

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