A depreciable asset currently has a $40,100 book value.The company owning the asset uses straight-line depreciation.They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a 12-year useful life.How long has the company owned this asset?
A)5.2 years
B)7 years
C)10.2 years
D)12 years
E)Cannot be determined from the given information.

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The Answer of A depreciable asset currently has a $40,100 book value.The company owning the asset uses straight-line depreciation.They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a 12-year useful life.How long has the company owned this asset?
A)5.2 years
B)7 years
C)10.2 years
D)12 years
E)Cannot be determined from the given information.

A Depreciable Asset Currently Has a $40,100 Book Value