Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet: Equipment $ 750,000...
Jennings Advertising, Inc. reported the following in its
December 31, 2021, balance sheet:
| Equipment | $ | 750,000 | |
| Less: Accumulated depreciation—equipment | $ | 460,000 | |
In a disclosure note, Jennings indicates that it uses straight-line
depreciation over 15 years and estimates salvage value at 8% of
cost. What is the average age of the equipment owned by
Jennings?
Multiple Choice
-
5 years.
-
10 years.
-
7.7 years.
-
7.3 years.
Homework Answers
Depreciation per year = (Cost - Salvage value) /Useful life
= (750,000 - 8%) / 15 years
= 46,000
Average age = Accumulated Depreciation/Depreciation per year
= 460,000/46,000
= 10 years
Option B is the answer
Add Answer to:
Jennings Advertising, Inc. reported the following in its
December 31, 2021, balance sheet:
Equipment
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