Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was
-
₦100,000
- ₦90,000
- ₦80,000
- ₦60,000