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How long did team corp use the asset before sale

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Question 1: On December 31, 2019, Team Corp. sells an asset that originally cost $500,000 for $100,000. The company recognized a loss on disposal of $25,000. Assume the asset was originally expected to be used for ten years and have no residual value at the end of its useful life. How long did Team Corp use the asset before sale?

Option 1: 6 years

Option 2: 4 years

Option 3: 7.5 years

Option 4: 10 years

Option 5: None of the above

Reference no: EM132495117

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