Jeng Limited disposed of a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight-line method. What was the book value when the asset was sold?

A. N8,000
B. N6,000
C. N4,000
D. N2,000

Correct Answer: Option C

C. N4,000

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