Multiple Choice
Jennings Advertising Inc. reported the following in its December 31, 2009, balance sheet: 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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