An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was
N48,000
N42,000
N36,000
N24,000
N12,000
Correct answer is B
No explanation has been provided for this answer.