A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at...

WAEC 2003

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was

A. N33,000
B. N30,000
C. N17,000
D. N16,000

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Correct Answer: Option A

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