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 $231,000 Freight charges 7,600 Installation charges 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. X Answer is not complete. 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 Year Accumulated Depreciation Book Value 2021 2022 2023 2024 2025 2026 2027 2028 Total Depreciation for the Period Beginning of Period Depreciation Annual Book Rate Depreciation Value 249,600 25 % 62.400 218,400 X 25% 46,800 191,100 X 25 % 35,100 167,212 25 % 26,325 0 % 177,025 (98,050) 183,425 X (281,475) 189.825 X (471,300) 196,225 X S 917 125 62,400 109 200 144.300 170625 347,650 531,075 720,900 917.125 187.200 140,400 105,300 78,975 (98,050) (281,475) (471,300) (667,525)