A plant asset was purchased on January 1 for $55,000 with an estimated salvage value of $5,000 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 $25,000.The remaining useful life of the plant asset is
A)10 years.
B)11 years.
C)6 years.
D)5 years.

Question

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The Answer of A plant asset was purchased on January 1 for $55,000 with an estimated salvage value of $5,000 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 $25,000.The remaining useful life of the plant asset is
A)10 years.
B)11 years.
C)6 years.
D)5 years.

A Plant Asset Was Purchased on January 1 for $55,000