What is the total sum of the digits for an asset with a lifespan of 5 years?

To calculate the total sum of the digits for an asset with a lifespan of 5 years, you would use the formula for the sum of the digits method of depreciation. This method involves adding together the years of the asset's useful life.

For an asset with a lifespan of 5 years, you would calculate the sum as follows:

• Year 1: 5

• Year 2: 4

• Year 3: 3

• Year 4: 2

• Year 5: 1

Adding these values together gives:

5 + 4 + 3 + 2 + 1 = 15.

Thus, the total sum of the digits is 15, which makes it the correct answer. This method allows for accelerated depreciation in the earlier years and recognizes that assets often lose value more rapidly early in their life.