Required information

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Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that

are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed

the following balances:

Equipment

$$368,000$

Accumulated depreciation through the end of last year $,254,250$

During the current year, the following expenditures were incurred for the equipment:

Major overhaul of the equipment on January $1$ of the current year that improved

efficiency

$$48,000$

$4,000$

Routine maintenance and repairs on the equipment

The equipment is being depreciated on a straight$-$line basis over an estimated life of eight years with a $$29,000$ estimated

residual value. The annual accounting period ends on December $31.$

Starting at the beginning of the current year, what is the remaining estimated life?