on January 2, 2021, the Jackson Company purchased equip used 1 Ils ffidiuidcturing process equipment ilds di 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. 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 Period Book Depreciation Annual Value Rate Depreciation Year Accumulated Depreciation Book Value 2021 % % 2022 2023 2024 % 0 0 % 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 Year Depreciation for the Period Beginning of Period Book Depreciation Annual Rate Value Depreciation % % Accumulated Depreciation Book Value 2021 2022 % 0 0 2023 2024 % 2025 0 2026 2027 2028 Total $ 0 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 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted