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Question
a plant asset was purchased on january 1 for $60,000 with an estimated salvage value of $12,000 at the end of its useful life. the current year's depreciation expense is $4,000 calculated on the straight-line basis and the balance of the accumulated depreciation account at the end of the year is $20,000. the remaining useful life of the plant asset is
a.15 years
b.12 years
c.5 years
d.7 years
Answer
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