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Double Declining Balance Method Koffman's Warehouse purchased a forklift on January 1, 2020, for $90,000. The forklift is expected to last for 5 years and have a residual/salvage value of $10,000. Koffman's uses the double-declining-balance method for depreciation. Round amounts to the nearest dollar. 1 Complete the depreciation schedule using the Double Declining Balance Method. 2 Identify and analyze the effect of the depreciation for 2020. 3 Record the first year of depreciation expense. Koffman's Warehouse Depreciation Schedule Double Declining Balance End of Year Amounts Beginning Book Depreciation Balance Rate # of Years Expense Ending Book Balance Year 2020 2021 2022 2023 2024 2025 HINT: the last year of depreciation expense will be a plug in order not to depreciate below the salvage value Your ending book balance should be $10,000. The salvage value. Assets = Liabilities + Equity Revenues - Expenses = Net Income Straight-line Depreciation Method 60000-10000=50,000/5=10,000 Assume that Sam Company purchased factory equipment on January 1, 2020, for $60,000. The equipment has an estimated life of five years and an estimated residual/salvage value of $10,000. 1 Complete the depreciation schedule using the Straight-line Method. 2 Record the first year of depreciation expense. 3 What is the net book value of the equipment on 12.31.20? Sam Company Depreciation Schedule Straight Line Method End of Year Amounts Depreciation Accumulated Expense Depreciation Depreciable Cost Year 12.31.20 12.31.21 12.31.22 12.31.23 12.31.24 3 Historical cost (Accumulated depreciation) Net book value