What are the values for the balance sheet and income statement? Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $580,000. 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: 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 $ 232,000 $ 232,000 $ 348,000 2018 139,200 371,200 208,800 2019 83,520 454,720 125,280 2020 50,112 504,832 75,168 2021 63,168 568,000 12,000 2. Identify and analyze the effect of the transaction for depreciation for 2017. Activity Accounts Operating Depreciation Expense Increase, Accumulated Depreciation Increase Balance Sheet and Income Statement Statement(s) Feedback Check My Work Record depreciation expense by increasing the expense and accumulated depreciation accounts. ) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will h Balance Sheet Stockholders' Assets Liabilities Equity Accumulated Depreciation No Entry Income Statement Net Revenues Expenses Income No Entry Depreciation Expense X