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 $50,125. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $220, 000 6, 800 10, 000 Jackson's policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipment's life and then switch to straight line halfway through the equipment's life Required 1. Calculate depreciation for each year of the asset's eight-year life Answer is complete but not entirely correct. Depreciation for the Period End of Period Beginning of Period Book Value Depreciation Rate Annual Depreciation Depreciatio Accumulated Book Value Year 2018 |$ 236,800 | 25 % |$ 59,200 $ 59,200 $ 177,600 o 2019 2020 2021 2022 2023 2024 2025 Total 177,600 ol 133,200 . 2501% 250% 25 % 99,900 74,925 67,294 67,292 67,290 44,40001 103,600. 133,200 99,900 74,925 67,294 67,292 67,290 67,288 33,136,900 24,975 161,875 169,506 169,508 169,510 169,512 7,631 2 $ 169,512