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 $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. Year 2021 2022 2023 Depreciation for the Period Beginning of Period Book Depreciation Value End of Period Annual Rate Depreciation Accumulated Depreciation Book Value % % % 2024 2025 2026 2027 2028 Total % Required 1 Required 2 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted