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.
The profit on sale was
N8.00
N7,000
N6,000
N5,000
N1,000
Correct answer is E
No explanation has been provided for this answer.