Tory Enterprises pays $248,400 for equipment that will last five years and have a $44,600 salvage value. By using the equipment in its operations for five years, the company expects to earn $89,500 annually, after deducting all expenses except depreciation Calculate annual depreciation expense 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 is used. Complete this question by entering your answers in the tabs below. Depreciation Income Schedule Computation Calculate annual depreciation expenses using double-declining balance method. (Round Annual Depreciation to the nearest whole dollar.) Year Year 1 Year 2 Year 3 Year 4 Year 5 Total Depreciation for the Period End of Period Beginning of Period Book Depreciation Annual Accumulated Rate Value Depreciation Depreciation Book Value $ 248,400 40% $ 99,360 $ 99,360 $ 149,040 149,040 40% 50,616 158,976 89.424 89.424 40% 35.770 194.746 53,654 53.654 40% 9,054 203,800 44.600 40% $ 203.800 epreciation Schedule Income Computation epare a table showing income before depreciation, deprecia tal five-year period, assuming double-declining-balance dep ign.) Year 1 Year 2 Income Before Depreciation Net (Pretax) Depreciation Expense Income (Loss) $ 89,500 $ 99,360 $ (9,860) 89,500 59,616 29,884 89,500 35,770 53,730 89,500 9,054 80,446 89,500 0 $ 447,500 $ 203,800 $ 154,200 Year 3 Year 4 Year 5 Totals