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 $45,250. The expenditures made to acquire the asset were as follows: Purchase price $203,5ee Freight charges 5,600 Installation charges 8,500 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? 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 $ 217,600 25 Accumulated Depreciation Book Value 25% 0 0 25 2021 2022 2023 2024 2025 2026 2027 2028 Total Required 1 Required 2 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted