Multiple Choice
Jennings Advertising Inc.reported the following in its December 31,2016,balance sheet:
Equipment $500,000
Less: Accumulated depreciation-equipment $135,000
In a disclosure note,Jennings indicates that it uses straight-line depreciation over 10 years and estimates salvage value at 10% of cost.What is the average age of the equipment owned by Jennings?
A) 2.7 years.
B) 3 years.
C) 7 years.
D) 7.3 years.
Correct Answer:
Verified
Correct Answer:
Verified
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