Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet:

Equipment	$	750,000
Less: Accumulated depreciationequipment	$	460,000

In a disclosure note, Jennings indicates that it uses straight-line depreciation over 15 years and estimates salvage value at 8% of cost. What is the average age of the equipment owned by Jennings?

Multiple Choice

• 5 years.

• 10 years.

• 7.7 years.

• 7.3 years.