1. A company purchased a plant asset for $74,000. It has a salvage value of $10,000 and a five year life. It calculates depreciation using the straight-line method. The balance of the company's Accumulated Depreciation account at the end of the current year after-adjusting entries is $25,600. What is the asset's remaining useful life?

Group of answer choices

a. 5 years

b. 4 years

c. 3 years

d. 6 years

e. 8 years

2.

On August 1 of the current year, a company purchases and places into service new equipment. The cost of the equipment is $75,000. It has an estimated 3-year life and $15,000 salvage value at the end of its useful life. What is the depreciation expense for the current year ending December 31 if the company uses the straight-line method of depreciation?

Group of answer choices

a. $5,833.

b. $8,333.

c. $25,000.

d. $10,417.

e. $20,000.