If the scrap value is now N15,000. What will be the yearly depreciation using the…

Accounts - Principles of Accounts JAMB 2016
Use the information below to answer the question that follows,

A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.

If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

  • N11,000
  • N7,000
  • N4,000 checkmark
  • N24,000

The correct answer is: C

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