Use the information to answer question . A piece of equipment costing N120,000 was purchased
FINANCIAL
JAMB 2005
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?
- A. N96 000
- B. N48 000
- C. N36 000
- D. N24 000
Correct Answer: C. N36 000
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