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 $30,625. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $151,000 2,000 4,000 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. Depreciation for the Period End of Period Annual Depreciation Accumulated Depreciation Book Value Beginning of Year Period Book Depreciation Rate Value 2021 2077 2023 % % 2024 % 2025 2025 2027 2028 Total $ 0 0 0 0 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