On January 1,2010, Bumper acquired a machine at a cost of $41,000. The machine's estimated useful life was 10 years with a $1,000 salvage value. Straight-line depreciation method was used for depreciation. On June 14, 2016, Bumper realized that the machine should have been assigned a 11 year life when purchased in 2010 and have changed the estimate for salvage value to $1,500. For 2016, Bumper should record depreciation expense of: Jennings Advertising Inc. reported the following on its December 31,2015,balance sheet: Equipment $500,000 Accumulated depreciation $135,000 In a footnote, Jennings indicated that it uses straight-line depreciation over 10 years and estimates salvage value as 10% of cost. What is the average age of the equipment owned by Jennings? A schedule of machinery owned by Jones is shown below: Cost Salvage Value Life in 10 years Machine X $275,000 $25,000 10 Machine Y $100,000 $10,000 8 Machine Z $20,000 $2,000 4 Jones computes depreciation by using the group depreciation method on a straight-line basis. Based on the information presented, the composite life (in years)of these assets should be