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 $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 $$32,250.$ The expenditures made to acquire the asset were as

follows:

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:

Calculate depreciation for each year of the asset's eight$-$year life.

Are changes in depreciation methods accounted for retrospectively or prospectively?

Complete this question by entering your answers in the tabs below.

Required $1$

Calculate depreciation for each year of the asset's eight$-$year life$\mathrm{.}32,250.$ The expenditures made to acquire the asset were as follows:

Purchase price $ $159,500$

Freight charges $2,400$

Installation charges $4,500$

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:

Calculate depreciation for each year of the asset$$s eight$-$year life.

Are changes in depreciation methods accounted for retrospectively or prospectively?