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A plant asset was purchased on January 1, for $55,000 with an estimated salvage value of $5,000 at the end of its useful life. The
A plant asset was purchased on January 1, for $55,000 with an estimated salvage value of $5,000 at the end of its useful life. The current year's depreciation expense is $5,000 calculated on the straight-line basis and the balance of the accumulated depreciation account at the end of the year is $20,000. The remaining useful life of the plant asset is how many years?
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