Use the information below to answer questions . On January 1/2005, a machine was bought…

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Accounts - Principles of Accounts JAMB 2006

Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

Calculate the yearly depreciation expense using the straight line method.

  • N11 000 checkmark
  • N11 200
  • N11 400
  • N11 300

The correct answer is: A

Explanation

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