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 $58,250. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $247,500 8,800 12,500 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. Required: 1. Calculate depreciation for each year of the asset's eight-year life Depreciation for the Period End of Period Beginning of Depreciation Period Book Annual Accumulated Year Book Value Depreciation Rate Depreciation Value % 2018 2019 2020 % 2021 % 2022 2023 2024 2025 Total