Bakiponi Corp. provides the following data from its recent financial statements:(Dollars in millions)20222023Beginning Gross Fixed Assets$2,440,000$2,560,000Ending Gross Fixed Assets2,560,0002,680,000Beginning Accumulated Depreciation910,0001,110,000Current-year Depreciation Expense200,000250,000Current-year Sales Revenue3,050,0003,920,000What is the average remaining life of the company's fixed assets as of the end of 2023? (Round your answer to two decimal places, X.XX.)Group of answer choices5.44 years4.80 years5.28 years6.28 years

It is the average amount of time that a company generally takes to depreciate the asset completely.…

Answered: Bakiponi Corp. provides the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bakiponi Corp. provides the following data from its recent financial statements:

(Dollars in millions)	2022	2023
Beginning Gross Fixed Assets	$2,440,000	$2,560,000
Ending Gross Fixed Assets	2,560,000	2,680,000
Beginning Accumulated Depreciation	910,000	1,110,000
Current-year Depreciation Expense	200,000	250,000
Current-year Sales Revenue	3,050,000	3,920,000

What is the average remaining life of the company's fixed assets as of the end of 2023? (Round your answer to two decimal places, X.XX.)

Group of answer choices

5.44 years

4.80 years

5.28 years

6.28 years

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