Use the information below to answer question An asset was purchase for N343m in 2003….

Accounts - Principles of Accounts JAMB 2007

Use the information below to answer question

An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

  • N210m
  • N343m
  • N105m checkmark
  • N270m

The correct answer is: C

Explanation

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