The net book value of the equipment at the time sale was?

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on a straight-line method. It was a straight-line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was

A. N48,000
B. N36,000
C. N36,000
D. N24,000
E. N12,000

Correct Answer:

Option D – N24,000