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

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?