Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1 at a cost of $37,500. The company estimates that there will be no salvage value and that the equipment will have a useful life of 10 years. The company elects to use the double-declining-balance method for the first three years, after which the company will change to the straight-line method of depreciation for the equipment. Required a. Compute annual depreciation expense for Year 1 through Year 3. b. Prepare the depreciation entry for the end of Year 4. Note: Round your final answer to the nearest whole number. a. Year Annual depreciation expense Year 1 $ Year 2 $ Year 3 $ b. 0 0 0 Account Name Dr. Cr. 0 0 0 0 Date Dec. 31, Year 4 To record depreciation.