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 $38,750. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $181,500 4,000 6,500 Jackson's policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipments 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? Calculate depreciation for each year of the asset's eight-year life. End of Period Depreciation for the Period Beginning of Depreciation Annual Period Book Rate Value Depreciation Year Accumulated Depreciation Book Value 2021 % 2022 % 2023 % 0 O 2024 % 2025 0 2026 2027 2028 Total $ 0 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted