Question
Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet: Equipment $ 440,000 Less: Accumulated depreciationequipment $ 190,000 In a disclosure note,
Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet:
| Equipment | $ | 440,000 | |
| Less: Accumulated depreciationequipment | $ | 190,000 | |
In a disclosure note, Jennings indicates that it uses straight-line depreciation over 11 years and estimates salvage value at 5% of cost. What is the average age of the equipment owned by Jennings?
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Advances In Quantitative Analysis Of Finance And Accounting (Vol. 5)
Authors: Lee Cheng Few
1st Edition
9812706283, 9789812706287
