A Long-Lived Asset Was Purchased on January 1 for $30,000

Multiple Choice

A long-lived asset was purchased on January 1 for $30,000 with an estimated residual value of $6,000 at the end of its useful life. The current year's depreciation expense is $3,000 calculated on the straight-line basis and the balance of the accumulated depreciation account at the end of the year is $15,000. The remaining useful life of the asset is

A) 10 years.
B) 8 years.
C) 5 years.
D) 3 years.