Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?
A.
N8,000
B.
N6,000
C.
N4,000
D.
N2,000
Correct Answer: Option C
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