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Calculate the salvage value of a tractor with a depreciation value of ₦10,580.00 and initial...

Agricultural Science
JAMB 2021

Calculate the salvage value of a tractor with a depreciation value of ₦10,580.00 and initial cost of ₦50,000 after a year of use

  • A. ₦10,580
  • B. ₦30,290
  • C. ₦39,420
  • D. ₦60,580
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Correct Answer: Option C
Explanation

Salvage value is the estimated book value of an asset after depreciation is calculated.
Salvage value + Depreciation value = Cost price
Salvage value + 10,580 = 50,000
∴ Salvage value = 50,000 - 10,580
⇒ ₦39,420

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent