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

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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.

What was the asset value at the beginning of the third year?

  • N63m
  • N133m
  • N36m
  • N28m checkmark

The correct answer is: D

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