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Use the information below to answer this question A machine bought for ₦35,000 was estimated...

Accounts - Principles of Accounts
JAMB 2020

Use the information below to answer this question

A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

  • A. ₦7,000
  • B. ₦11,000
  • C. ₦4,000
  • D. ₦24,000
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Correct Answer: Option C
Explanation
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