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Tweedie Company reported the following in the long-term asset section of its balance sheet; Equipment, net of depreciation of $120,000 and $100,000, respectively Year 2
Tweedie Company reported the following in the long-term asset section of its balance sheet;
Equipment, net of depreciation of $120,000 and $100,000, respectively | Year 2 $167,500 | Year 1 $187,500 |
Patent, net of amortization of $31,500 and $27,000, respectively | 88,000 | 92,500 |
The company uses the straight-line method to depreciate and amortize all of its operating assets. No new long-term assets were acquired nor sold during the year. As of December 31, Year 2, approximately how old is the equipment in years?
A) 2 years B) 18 years C) 6 years D) 11 years
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