Using the straight method. The depreciation of the asset in the first year was?

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Use the information below to answer question

An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

A. N210m
B. N343m
C. N105m
D. N270m

Correct Answer:

Option C – N105m

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