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 $51,750. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $225,500 7,200 10,500 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. 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. End of Period Depreciation for the Period Beginning of Annual Depreciation Period Book Value Rate Depreciation Year Accumulated Depreciation Book Value 2021 2022 2023 2024 2025 2026 2027 2028 Total Required 1 Required 2 > 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 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted