A building was purchased for $232,000. It currently has accumulated depreciation of $40,000 and had a residual value of $50,000. Assuming the use of straight-line depreciation, its estimated useful life must have been
A) 5 years.
B) 10 years.
C) 14 years.
D) impossible to determine from the facts given.

Question

Quizplus · Accepted Answer

The Answer of A building was purchased for $232,000. It currently has accumulated depreciation of $40,000 and had a residual value of $50,000. Assuming the use of straight-line depreciation, its estimated useful life must have been
A) 5 years.
B) 10 years.
C) 14 years.
D) impossible to determine from the facts given.

A Building Was Purchased for $232,000