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An asset purchased on January 1 for $48,000 has an estimated salvage value of $3,000

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An asset purchased on January 1 for $48,000 has an estimated salvage value of $3,000. The current year's depreciation expense is $5,000 and the balance of the Accumulated Depreciation account, after adjustment, is $20,000. If the company uses the straight-line method, what is the asset's remaining useful life?

1. 1. 4 years
   2. 8 years
   3. 5 years
   4. 9 years