Exercise 11-15 (Static) 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 $30,625. The expenditures made to acquire the asset were as follows: Purchase price Freight charges Installation charges $ 154,000 2,000 4,000 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 1 Required 2 Calculate depreciation for each year of the asset's eight-year life. Depreciation for the Period End of Period Beginning of Year Period Book Depreciation Rate Annual Depreciation Accumulated Depreciation Book Value Value 2024 $ 40,000 % 2025 30,000 % 2026 22,500 % 0 0 2027 16,875 % 2028 0 0 2029 2030 2031 Total $ 0 < Required 1 Required 2 >