Exercise $6-9$A $($Algo$)$ Computing and recording straight$-$line versus double$-$declining$-$balance depreciation LO $6-26-3$

At the beginning of Year $1,$ Copeland Drugstore purchased a new computer system for $$250,000.$ It is expected to have a five$-$year life and a $$40,000$ salvage value.

Required

Compute the depreciation for each of the five years, assuming that the company uses

$(1)$ Straight$-$line depreciation.

$(2)$ Double$-$declining$-$balance depreciation.

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.