! Required information [The following information applies to the questions displayed below.] Tory Enterprises pays $250,400 for equipment that will last five years and have a $44,800 salvage value. By using the equipment in its operations for five years, the company expects to earn $89,700 annually, after deducting all expenses except depreciation. Calculate annual depreciation expense 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 is used. Complete this question by entering your answers in the tabs below. Depreciation Schedule Income Computation Calculate annual depreciation expenses using double-declining-balance method. (Round Annual Depreciation to the nearest whole dollar.) Depreciation for the Period End of Period Year Beginning of Period Book Depreciation Annual Rate Depreciation Accumulated Depreciation Book Value Value Year 1 $ 250,400 40% $ 100,160 Year 2 150,240 40% 60,096 Year 3 90,144 40% 36,058 Year 4 54,086 40% 9,286 Year 5 44,800 40% 0 Total $ 205,600