Question on: WAEC Accounting - 1997
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An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
A
N16,000
B
N14,000
C
N12,000
D
N8,000
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Correct Option: B
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