Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $560,000. The forklift is expected to last for five years and have a residual value of o $13,000. Koffman's uses the double-dedining-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 Annual Accumulated Book Value Depreciation Depreciation 2017 Year 2018 2019 2020 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 blank. If the effect on a financial statement item is negative, le, 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 Stockholders' Assets Liabilities Equity Revenues 3. Refer to Exhibit 8-2