On January 2, 2021, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of elght years and an estimated residual value of $55,000. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $236,500 8,000 11,500 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. Depreciation for the Period End of Period Beginning of Year Depreciation Annual Accumulated Period Book Book Value Rate Depreciation Depreciation Value 2021 $ 256,000 % 2022 % 2023 % 0 0 2024 % Required 1 Required 2 Calculate depreciation for each year of the asset's eight-year life. End of Period Year Accumulated Depreciation Book Value 2021 Depreciation for the Period Beginning of Period Book Depreciation Annual Rate Value Depreciation $ 256,000 % % % % 2022 2023 0 2024 2025 0 2026 2027 2028 Total $ 0 Regulrec Required 2 >