Use the following information to answer the question Sammy acquired plant an machinery costing ₦120,000...

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

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Correct Answer: Option B

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