Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $370,000. The forklift is expected to last for five years and have a residual value of $15,000. Koffman's uses the double-declining-balance method for depreciation. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift's life. If necessary, round any depreciation calculations to the nearest dollar. Year Annual Depreciation Accumulated Depreciation Book Value 2017 $ 148,000 $ 148,000 $ 2018 217,000 2019 0 o 130,600 2020 0 78,760 2021 o 47,656 2. Identify and analyze the effect of the transaction for depreciation for 2017. Activity Operating Accounts Depreciation Expense Increase, Accumulated Depreciation Increase Income Statement X x Statement(s) Feedback Check My Work Record depreciation expense by increasing the expense and accumulated depreciation accounts. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Income Statement Net Stockholders' Equity Assets Liabilities + Revenues Expenses Income Feedback Check My Work 2 more Check My Work uses remaining.