Koffman's Warehouse purchased a forklift on January 1, 2017, for $410,000. The forklift is expected to last for five years and have a residual value of $12,000. Koffman's uses the double-declining-balance method for depreciation. Required:

Year	Annual Depreciation			Accumulated Depreciation			Book Value
2017	$fill in the blank d1d670f32073fe3_1			$fill in the blank d1d670f32073fe3_2			$fill in the blank d1d670f32073fe3_3
2018	fill in the blank d1d670f32073fe3_4			fill in the blank d1d670f32073fe3_5			fill in the blank d1d670f32073fe3_6
2019	fill in the blank d1d670f32073fe3_7			fill in the blank d1d670f32073fe3_8			fill in the blank d1d670f32073fe3_9
2020	fill in the blank d1d670f32073fe3_10			fill in the blank d1d670f32073fe3_11			fill in the blank d1d670f32073fe3_12
2021	fill in the blank d1d670f32073fe3_13			fill in the blank d1d670f32073fe3_14			fill in the blank d1d670f32073fe3_15

Question Content Area

2. Identify and analyze the effect of the transaction for depreciation for 2017.

Activity	OperatingInvestingFinancing
Accounts	Depreciation Expense Increase, Accumulated Depreciation IncreaseDepreciation Expense Increase, Accumulated Depreciation DecreaseDepreciation Expense Decrease, Accumulated Depreciation IncreaseDepreciation Expense Decrease, Accumulated Depreciation Decrease
Statement(s)	Balance SheetIncome StatementBalance Sheet and Income Statement

increased, it will have the effect of decreasing the corresponding financial statement item.

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

Accumulated DepreciationCashDepreciation ExpenseEquipmentEquipment ExpenseNo Entry

fill in the blank 2642c70d3fcf00e_2

Accumulated DepreciationCashDepreciation ExpenseNotes PayableEquipment ExpenseNo Entry

fill in the blank 2642c70d3fcf00e_4

fill in the blank 2642c70d3fcf00e_5

Accumulated DepreciationCashDepreciation ExpenseNotes PayableEquipment ExpenseNo Entry

fill in the blank 2642c70d3fcf00e_7

Accumulated DepreciationCashDepreciation ExpenseEquipmentEquipment ExpenseNo Entry

fill in the blank 2642c70d3fcf00e_9

fill in the blank 2642c70d3fcf00e_10