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 $$45,250.$ The expenditures made

to acquire the asset were as follows:

Purchase Price: $$203,500$

Freight Charges: $5,600$

Installation Charegs: $8,500$

Jackson's policy Is to use the double$-$declining$-$balance $($DDB$)$ method of depreclation in the early years of the

equipment's Ilfe and then switch to straight line halfway through the equipment's life.

Requlred:

$1.$ Calculate depreclation for each year of the asset's eight$-$year life.

$2.$ Are changes in depreclation methods accounted for retrospectlvely or prospectively?

Please complete the answer in the format of the picture. Thank you!