Question 7 0.5 pts A company purchased a plant asset for $48,000. It has a salvage value of $3,000 and an annual depreciation expense of $5,000. It calculates depreciation using the straight-line method. The balance of the company's Accumulated Depreciation account at the end of the current year after-adjusting entries is $20,000. What is the asset's remaining useful life? O 8 years 4 years 5 years 9 years 7 years