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.