On January 2, 2021, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual value of $40,375. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $187,000 4,400 7,000 Jackson's policy is to use the double-declining-balance (DDB) method of depreciation in the early years of the equipment's life and then switch to straight line halfway through the equipment's life. Required: 1. Calculate depreciation for each year of the asset's eight-year life. 2. Are changes in depreciation methods accounted for retrospectively or prospectively? Complete this question by entering your answers in the tabs below. Required Required 2 Calculate depreciation for each year of the asset's eight-year life Depreciation for the Period End of Period Beginning of Depreciation Year Annual Accumulated Period Book Rate Book Value Value Depreciation Depreciation 2021 % 2022 2023 % 2024 2025 2026