Use the following information to answer this question
| Year | ₦ |
| 1991 1992 1993 1994 |
14,000 24,000 10,000 16,000 |
It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is
32,000
16,000
30,000
64,000
Correct answer is B
| Average | profit | = | 14,000 + 24,000 + 10,000 + 16,000
4 |
| = | 64,000
4 |
= | ₦16,000 |