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Exercise 11-15 (Algo) Double-declining-balance method; switch to straight line [LO11-2, 11-6] On January 2, 2024, 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 $46,875. The expenditures made to acquire the asset were as follow 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 stralght 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. Calculate depreciation for each year of the asset's eight-year life. Exercise 11-15 (Algo) Double-declining-balance method; switch to straight line [LO11-2, 11-6] On January 2, 2024, 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 $46,875. The expenditures made to acquire the asset were as follows Jackson's policy is to use the double-declining-balance (DOB) 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. Are changes in depreciation methods accounted for retrospectively or prospectively