Use the information to answer question . A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500. The net book value of the piece of equipment at the time of sale was?

Use the information to answer question .

A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The net book value of the piece of equipment at the time of sale was?

A N96 000
B N48 000
C N36 000
D N24 000

jamb 2005 accounting

The correct answer is C. N36 000

No explanation given

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