Koffmans warehouse purchased a forklift on january 1 2012

Reference no: EM13590135

Koffman's Warehouse purchased a forklift on January 1, 2012, for $260,000. The forklift is expected to last for five years and have a residual value of $20,000. Koffman's uses the double-declining-balance method for depreciation.

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.

Reference no: EM13590135

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