Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?
N8,000
N6,000
N4,000
N2,000
Correct answer is C
No explanation has been provided for this answer.