An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is?

A. N24,000
B. N21,000
C. N18,000
D. N9,000

Correct Answer: Option D

D. N9,000

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