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Question on: WAEC Accounting - 1994

A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
A
N3,250
B
N3,562
C
N3,656
D
N3,750
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Correct Option: D

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