A Depreciable Asset Currently Has a $40,100 Book Value

Multiple Choice

A depreciable asset currently has a $40,100 book value.The company owning the asset uses straight-line depreciation.They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a twelve year useful life.How long has the company owned this asset?

A) 5.2 years
B) 7 years
C) 10.2 years
D) 12 years
E) Cannot be determined from the given information