Ellen's Antiques Reported the Following in Its December 31, 2018

Essay

Ellen's Antiques reported the following in its December 31, 2018, balance sheet:
Equipment $4,000,000
Accumulated depreciation-equipment $3,150,000
In a disclosure note, Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost.
Required: Compute the average age of Ellen's equipment at 12/31/2017.