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

Multiple Choice

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