Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $230,000. The forklift is expected to last for five years and have a residual value of $14,000. 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. Annual Year Accumulated Depreciation Book Value Depreciation 2017 $ 92,000 $ 92,000 $ 138,000 2018 55,200 147,200 82,800 2019 33,120 180,320 49,680 2020 19,872 200,192 29,808 2021 11,923 X 212,115 X 17,885 X Feedback Check My Work The double-declining-balance (DDB) method calculates depreciation at double the straight-line rate per period on the book value, which is a declining amount. Assets cannot be depreciated below residual value. Straight-line rate depreciation. 2. Identify and analyze the effect of the transaction for depreciation for 2017