The information that follows is from the balance sheet of Hampton Company for December 31, 2011, and December 31, 2010.

Hampton did not acquire or dispose of any buildings or equipment during 2011. Hampton uses the straight-line method of depreciation. If residual values are assumed to be 10% of asset cost, what is the average useful life of Hampton's
(1) Equipment and
(2)Buildings?

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Dec. 31, 2011 Dec. 31, 2010 680,000 (160,000) 2.450,000 (230,000) $ 680,000 Equipment-cost Accumulated depreclation equipment Butldings-cost Accumulated depreclation -buildings (250.000) 2,450,000 (340.000)