Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $550,000. 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 $ 2018 2019 2020 III 2021 2. Identify and analyze the effect of the transaction for depreciation for 2017, Activity Accounts Statement(s) How does this entry affect the accounting equation if a financial statement item is not affected, select "No Entry and leave the amount box and if the effect on a financial statement les negativt Lo, 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 statementem Balance Sheet Income Statement Stockholders Net Assets Llabilities Equity Revenues Expenses Income 3. Refer to Exhibit 2 What factors may have influenced Kofman's to use the double-declining balance method? Kottman's may believe that the double-decang-halance method with the revenues produced by the act Koman's may choose this method because it is depreciation to be taken in the early years of the asset life and thus Staxtil the later years