Chapter 8 assignment B

Koffman's Warehouse purchased a forklift on January 1, 2012, for $300,000. The forklift is expected to last for five years and have a residual value of $23,000. 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
2012	$			$			$
2013	$			$			$
2014	$			$			$
2015	$			$			$
2016	$			$			$

2. Calculate the depreciation expense, accumulated depreciation and book value for each year of the forklift