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Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below) Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,500 annually, after deducting all expenses except depreciation Exercise 8-10 (Static) Double-declining-balance depreciation LO P1 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, Answer is not complete. 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) End of Period Year Accumulated Depreciation Book Value 95,360 Year 1 Year 2 Year 3 Year 4 Year 5 Total Depreciation for the Period Beginning of Period Depreciation Annual Book Rate Depreciation Value $ 238,400 40%S 95 360 40% 40% 40% 40% s 95,360 Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.) Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,500 annually, after deducting all expenses except depreciation Exercise 8-10 (Static) Double-declining balance depreciation LO P1 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 totam five-year period, assuming double-declining-balance depreciation is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Depreciation Income Schedule Computation 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. (Net loss should be entered with a minus sign.) Depreciation Expense 95,360 Net (Pretax) Income (Loss) (6,860) S Yoar 1 Year 2 Year 3 Year 4 Year 5 Totals Income Before Depreciation 88,500 88,500 88.500 88,500 88,500 $ 442,500 95,360 $ (6,860)