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Koffmans Warehouse purchased a forklift on January 1, 2017, for $6,000. The forklift is expected to last for five years and have a residual value

Koffmans Warehouse purchased a forklift on January 1, 2017, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffmans uses the double-declining-balance method for depreciation. Round amounts to the nearest dollar.

1. Identify and analyze the effect of the depreciation for 2017.

Affect:

Accounts:

Statement:

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