A Depreciable Asset Currently Has a $24,500 Book Value

question 83

Multiple Choice

A depreciable asset currently has a $24,500 book value.The company owning the asset uses straight-line depreciation.They paid $37,000 for this asset and consider it to have a $2,000 salvage value with a seven-year useful life.How long has the company owned this asset?

• A)2.5 years
• B)2.36 years
• C)2.1 years
• D)7 years
• E)Cannot be determined from the given information.

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