In Year 1, Orange Company determines that it will depreciate its equipment using the group method. The cost of equipment purchased, along with its residual values and estimated lives by type of equipment are as follows:
Asset
Cost
Residual
Value
Depreciable
Base
Estimated
Life
Mowers
$ 55,000
$ 5,000
$ 50,000
5
Planters
190,000
10,000
180,000
6
Loaders
75,000
15,000
60,000
4
Total
$ 320,000
$ 30,000
$ 290,000
Over what term will the group be depreciated?