motor car costing N10,000 was depreciated at 20 per cent anuum by the diminishing balance...

WAEC 1990

motor car costing N10,000 was depreciated at 20 per cent anuum by the diminishing balance method. Two years late, it was sold for N6,000. The net result of the sale was

A. N6,400 profit
B. N6,000 loss
C. N4,000 loss
D. N400 profit
E. N400 loss

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Correct Answer: Option E

Explanation

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