Accounts - Principles of Accounts
WAEC 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
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A.
N14,000
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B.
N13,000
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C.
N12,000
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D.
N10,000
Correct Answer: Option B
Explanation
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