Exercise 11-15 (Algo) Double-declining-balance method; switch to straight line [LO11-2, 11-6] On January 2, 2021, 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 $53,375. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $231,000 7,600 11,000 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. Required: 1. Calculate depreciation for each year of the asset's eight-year life. 2. Are changes in depreciation methods accounted for retrospectively or prospectively? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate depreciation for each year of the asset's eight-year life. End of Period Depreciation for the Period Beginning of Annual Depreciation Period Book Rate Value Depreciation Year Accumulated Depreciation Book Value 2021 2022 2023 % % % 2024 2025 2026 2027 2028