An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
N24,000
N21,000
N18,000
N9,000
Correct answer is D
No explanation has been provided for this answer.