S7-12. (Learning Objective 3: Compute depreciation using double-declining-balance method with residual value) Using the double-declining-balance method of depreciation, calculate the following amounts for the van for each of the four years of its expected life: a. Depreciation expense b. Accumulated depreciation balance c. Book value The following data should be used for S7-10 through S7-12. FlavorRite purchased a used van for use in its business on January 1, 2017. It paid $17,000 for the van. FlavorRite expects the van to have a useful life of four years, with an estimated residual value of $1,400. FlavorRite expects to drive the van 16,000 miles during 2017, 19,000 miles during 2018, 17,000 miles in 2019, and 48,000 miles in 2020, for total expected miles of 100,000