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Jennings Advertising Inc. reported the following in its December 31, 2018, balance sheet: Equipment $ 490,000 Less: Accumulated depreciationequipment $ 252,000 In a disclosure note,
Jennings Advertising Inc. reported the following in its December 31, 2018, balance sheet:
Equipment | $ | 490,000 | |
Less: Accumulated depreciationequipment | $ | 252,000 | |
In a disclosure note, Jennings indicates that it uses straight-line depreciation over 14 years and estimates salvage value at 10% of cost. What is the average age of the equipment owned by Jennings?
A)5.1 years
B)8.9 years
C)8 years
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