Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
A. N8.00
B. N7,000
C. N6,000
D. N5,000
E. N1,000
Correct Answer:
Option E – N1,000
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