Question on: JAMB Accounting - 1998
On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?
A
N10,000 loss
B
N2,000 loss
C
N6,000 gain
D
N8,000 gain
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Correct Option: C
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