Accounting JAMB

Depreciation charged for two years will be?

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight-line method; depreciation charged for two years will be

A. #700,000
B. #240,000
C. #220,000
D. #202,000

Correct Answer:

Option C – #220,000

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