Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Tory Enterprises pays $242,400 for equipment that will last five years and have a $44,000 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,900 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. Income Before Depreciation Net (Pretax) Depreciation Expense Income $ $ $ 96,960 58,176 (8,060) 30,724 Year 1 Year 2 Year 3 Year 4 Year 5 Totals 88,900 88,900 88,900 88,900 88,900 444,500 $ $ 155,136 $ 22,664