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 $37,125. The expenditures made to acquire the asset were as follows:

Purchase price	$	176,000
Freight charges		3,600
Installation charges		6,000

Jacksons policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipments life and then switch to straight line halfway through the equipments life. Required:

1. Calculate depreciation for each year of the assets 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 Depreciation for the Period Beginning of Depreciation Annual Period Book Rate Depreciation Value Year Accumulated Depreciation Book Value 2021 2022 2023 2024 2025 2026 2027 2028 Total 0 Required 1 Required 2 > Required 1 Required 2 Are changes in depreciation methods accounted for retrospectively or prospectively? Depreciation methods accounted