LO5 EXAMPLE 8- Exercise 8-4 Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2016, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffman's uses the double- declining-balance method for depreciation. Show me how Required 1. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift's life. 2. Prepare the journal entry to record depreciation expense for 2016. 3. Refer to Exhibit 8-2. What factors may have influenced Koffman to use the double-declining- balance method? Chapter 8 Operating Assets: Property, Plant, and Equipment, and Intangibles Required 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asom for each year 2016 to 2021. 2. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected LO5 EXAMPLE 8- Exercise 8-4 Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2016, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffman's uses the double- declining-balance method for depreciation. Show me how Required 1. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift's life. 2. Prepare the journal entry to record depreciation expense for 2016. 3. Refer to Exhibit 8-2. What factors may have influenced Koffman to use the double-declining- balance method? Chapter 8 Operating Assets: Property, Plant, and Equipment, and Intangibles Required 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asom for each year 2016 to 2021. 2. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected