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
N16,000
N14,000
N12,000
N8,000
N6,000
Correct answer is B
No explanation has been provided for this answer.