Required information Use the following information for the Exercises below. 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. Exercise 8-9 Straight-line depreciation and income effects LO P1 Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming straight-line depreciation is used. Year 1 Year 2 Year 3 Year 4 Year 5 Income Before Depreciation Net (Pretax) Depreciation Expense Income $ 88,800 88,800 88,800 88,800 88,800 Required information Use the following information for the Exercises below. 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. Exercise 8-9 Straight-line depreciation and income effects LO P1 Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming straight-line depreciation is used. Year 1 Year 2 Year 3 Year 4 Year 5 Income Before Depreciation Net (Pretax) Depreciation Expense Income $ 88,800 88,800 88,800 88,800 88,800