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What is the average age of the equipment owned by Jennings

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Question - Jennings Advertising, Inc. reported the following in its December 31, 2021, balance sheet:

Equipment $240,000

Less: Accumulated depreciation-equipment $56,400

In a disclosure note, Jennings indicates that it uses straight-line depreciation over 12 years and estimates salvage value at 6% of cost. What is the average age of the equipment owned by Jennings?

Reference no: EM133110371

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