Use the following information to answer the question Sammy acquired plant an machinery costing ₦120,000…

Accounts - Principles of Accounts WAEC 2023

Use the following information to answer the question

Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is

  • ₦5,000
  • ₦8,000 checkmark
  • ₦2,000
  • ₦3,000

The correct answer is: B

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