Show Me How Video Print Item Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $140,000. The forklift is expected to last for five years and have a residual value of $14,000. 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 2017 70,000 X 70,000 x 70,000 X 2018 2019 2020 2021 Feedback V Check My Work The double-declining-balance (DDB) 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 residual 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 depreciation