Accounts - Principles of Accounts
WAEC 2023
Use the following information to answer the question
Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is
-
A.
₦5,000
-
B.
₦8,000
-
C.
₦2,000
-
D.
₦3,000
Correct Answer: Option B
Explanation
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