! Required information [The following information applies to the questions displayed below.] Tory Enterprises pays $246,400 for equipment that will last five years and have a $44,400 salvage value. By using the equipment in its operations for five years, the company expects to earn $89,300 annually, after deducting all expenses except depreciation. Calculate annual depreciation expenses using double-declining-balance method. Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming double-declining-balance depreciation. Depreciation Income Schedule Computation Calculate annual depreciation expenses using double-declining-balance method. Depreciation for the Period End of Period Beginning of Period Year Depreciation Annual Accumulated Book Book Rate Depreciation Depreciation Value Value Year $ 246,400 40% S 98,560 98,560 $ 98,560 Year 98,560 40% 2 Year 40% 3 Year 40% 4 Year 40% 5 Total $ 98,560 1 3 Depreciation Schedule Income Computation Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming double-declining-balance depreciation. (Net loss should be entered with a minus sign.) Income Before Depreciation Net (Pretax) Income Depreciation Expense (Loss) Year 1 Year 2 Year 3 Year 4 Year 5 Totals IS 0 S 0 0