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The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected...

Accounts - Principles of Accounts
JAMB 2019

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  • A. 6000
  • B. 1000
  • C. 1500
  • D. 2500
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Correct Answer: Option C
Explanation

The formula to be adopted is :
cost - estimated value
years of useful life

10,000 - 4000 = 1500
          4

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