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Koffman's Warehouse purchased a forklift on January 1, 2012, for $6,000

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Koffman's Warehouse purchased a forklift on January 1, 2012, for $6,000. Theforklift is expected to last for five years and have a residual value of $600. Koffman'suses the double-declining-balance method for depreciation.Required1. Calculate the depreciation expense, accumulated depreciation, and book value foreach year of the forklift's life.2.Koffman's Warehouse purchased a forklift on January 1, 2012, 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