Accelerated 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. 2. Prepare the journal entry to record depreciation expense for 2016. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. 3. Refer to Exhibit 8-2 in the text. What factors may have influenced Koffman to use the double-declining-balance method? Koffman may believe that the double-declining-balance method best of the asset with the revenues produced by the asset. Koffman may also choose this method because it allows depreciation to be taken in the early years of the asset life and thus taxes until the later years