Exercise 11-14 Double-declining-balance method; switch to straight line [LO11-2, 11-6) On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual value of $48.500. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $ 214,500 6,400 9,500 Jackson's policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipment's life and then switch to straight line halfway through the equipment's life. Requlred: 1. Calculate depreciation for each year of the asset's eight-year life. End of Period Year Accumulated Depreciation Book Value Depreciation for the Period Beginning of Depreciation Annual Period Book Rate Value Depreciation 25 % 25 % 25 % 25 % 2018 2019 2020 2021 2022 2023 2024 2025 Total