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 $53,375. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $231,000 7,600 11,000 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 Periodi Year Beginning of Period Book Valus Depreciation Rate Annual Accumulated Depreciation Depreciation End of Period Book Value Saved 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 Year Beginning of Period Book Value 2021 2022 2023 2024 2025 2026 2027 2028 Total End of Period Depreciation Rate Annual Depreciation Accumulated Depreciation Book Value % S %6 0 Eley 27 Next > Help Save & Exit 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. De here to search Required 1 Required 2 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted O F ENG 25