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?
- N96 000
- N48 000
-
N36 000
- N24 000