Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,500 annually, after deducting all expenses except depreciation. Exercise 8-10 Double-declining-balance depreciation LO P1 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 Schedule Income Computation Calculate annual depreciation expenses using double-declining-balance method. Year Year 1 Year 2 Year 3 Year 4 Year 5 Depreciation for the Period End of Period Beginning of Annual Depreciation Period Book Accumulated Book Value Value Rate Depreciation Depreciation $ 238,400 40% $ 95,360 $ 95,360 $ 143,040 143.040 40% 57,216 152,576 85,824 85,824 40% 34,330 186,906 51,494 51,494 40% $ 186,906 40% Total Exercise 8-10 Double-declining-balance depreciation LO P1 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 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 Depreciation Expense Net (Pretax) Income (Loss) Year 1 Year 2 Year 3 Year 4 Year 5 Totals $ 0 $ 0 $ 0