Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $360,000. The forklift is expected to last for five years and have a residual value of $12,000. 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 $ 144,000 $ 144,000 $216,000 86,400 2017 2018 2019 2020 2021 2. Identify and analyze the effect of the transaction for depreciation for 2017 Activity Accounts Statement(s)