Question
Jennings Advertising Inc. reported on its balance sheet as of December 31, 2018: Equipment $ 490.000 Minus: Accumulated depreciationequipment $ 252.000 In a disclosure note,
Jennings Advertising Inc. reported on its balance sheet as of December 31, 2018:
| Equipment | $ | 490.000 | |
| Minus: Accumulated depreciation—equipment | $ | 252.000 | |
In a disclosure note, Jennings states that he used straight-line depreciation over 14 years and estimated the salvage value at 10% of cost.
What is the average age of equipment Jennings has?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
