our accounting records indicate that an asset in use has a book value of $11,520 (this is for tax purposes). The asset costed $40,000 when it was purchased, and it has been depreciated as 5-year 200% DB MACRS property (N=1, , 6). Based on this information, determine how many years the asset has been in service (i.e. the value of N).

4 years

5 years

6 years

3 years

2 years