Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet: Equipment $ 500,000 Less: Accumulated depreciation-equipment $ 135,000 In a disclosure note, Jennings indicates that it uses straight-line depreciation over 10 years and estimates salvage value at 10% of cost. What is the average age of the equipment owned by Jennings? 2.7 years. 3 years. 7 years. 7.3 years