Required information [The following information applies to the questions displayed below.) Tory Enterprises pays $240,400 for equipment that will last five years and have a $43,800 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,700 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 (pretaxi bcome for each year and for the total five-year period, assuming double-declining balance depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 $ 240,400 40% 96,100 96,100 $144,240 1 Year 144.240 40% 57.000 153.856 36,544 Your 36,544 40% 34,618 188,474 51.926 3 Year 51.926 40% 8.126 196,600 43.800 Year 40% 51.926 8.126 196.000 43.800 5 Total $ 204.726 Income Computation >