A Depreciable Asset Currently Has a $24,500 Book Value

Multiple Choice

A depreciable asset currently has a $24,500 book value.The company owning the asset uses straight-line depreciation.They paid $37,000 for this asset and consider it to have a $2,000 salvage value with a seven-year useful life.How long has the company owned this asset?

A) 2.5 years
B) 2.36 years
C) 2.1 years
D) 7 years
E) Cannot be determined from the given information.