Required information The following information applies to the questions displayed below. Tory Enterprises pays $241,400 for equipment that will last five years and have a $43,900 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,800 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 Complete this question by entering your answers in the tabs below. Depreciation A Income Schedule Computation Calculate annual depreciation expenses using double-declining-balance method. Depreciation for the Period End of Period Beginning of Year Depreciation Annual Accumulated Period Book Book Value Rate Depreciation Depreciation Value Year 1 $ 241,400 40% $ 96,560 $ 96,560 $ 144,840 Year 2 144,840 40% 57,936 154,496 86,904 Year 3 86,904 40% 34,762 189,258 52, 142 Year 4 52,142 40% 20,856 210,114 31,826 Year 5 31,826 40% 12,514 222,628 19,312 Total $ 222 628