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 $1,000 salvage value with a 12-year useful life. How long has the company owned this asset?

1. 1. 5.2 years
   2. 7 years
   3. 10.2 years
   4. 12 years
   5. Cannot be determined from the given information