PLEASE EXPLAIN IN DETAIL!!!!

A plant asset was purchased on January 1 for $47000 with an estimated salvage value of $5000 at the end of its useful life. The current year's depreciation expense is $3000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $12000. The remaining useful life of the plant asset is 16 years. 14 years. 10 years. 12 years.