A plant asset was purchased on January 1 for $75,000 with an estimated salvage value of $15,000 at the end of its useful life.The current year's depreciation expense is $5,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $35,000.The remaining useful life of the plant asset is
A)15 years
B)12 years
C)7 years
D)5 years

Question

Quizplus · Accepted Answer

The Answer of A plant asset was purchased on January 1 for $75,000 with an estimated salvage value of $15,000 at the end of its useful life.The current year's depreciation expense is $5,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $35,000.The remaining useful life of the plant asset is
A)15 years
B)12 years
C)7 years
D)5 years

A Plant Asset Was Purchased on January 1 for $75,000