Koffmans warehouse purchased a forklift on january 1 2012, Ask an Expert

Accounting

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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967712

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