Arcelerated Depreciation Ko's house phased a fork on January 1, 2017, for $240,000. The forklift is expected to last for five years and have a residual value of $10,000. 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 forkin's the. If necessary, round any depreciation calculations to the nearest dolar Year Annual Depreciation 2017 96,000 Accumulated Depreciation 96,000 Book Value 144,000 2018 57,600 2019 34,560 2020 20,736 2021 Chaky The double-declining-balance (DOB) 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 recidyal value. Straight-line rate (SLR) 100%/asset useful life. Book value asset acquisition cost (amount recorded in account) less the accumulated depreciation. Set up T account for accumulated deprecation dentify and andyre the effect of the transaction for depreciation for 2017. vity unts Operating Depreciation Expense Increase, Accumulated Depreciation Increase tement(s) Balance Sheel and Income Statement Check My W Record deprecation expense by increasing the expense and accumulated depreciation accounts. pes 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, ie, a he, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, I will have the effect of decreasing the corresponding financial statement tam Assets Balance Sheet Liabilities Stockholders' Equity Accounting humane field Revenues Income Statement Expenses