Avehicle was purchased on january 1st for $50,000 with an estimated salvage value of $10,000. the current year's depreciation expense was $5,000 calculated on the straight-line basis and the balance in the accumulated depreciation account at the end of the current year was $20,000. the remaining useful life of the vehicle is years.

4 years

Explanation:

Given;

Purchasing cost of the vehicle = $50,000

Salvage value = $10,000

Depreciation expense = $5,000

Depreciation account at the end of the current year = $20,000

Now,

Annual Depreciation expense using the straight-line method is given as;

=

=

or

Depreciation expense =

also,

Depreciation expense = $5,000

thus,

$5,000 =

or

useful life =

or

useful life = 4 years

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