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Jeng Limited disposed a fixed asset in 1999 for ₦2,000. The asset was purchase...


Question

Jeng Limited disposed a fixed asset in 1999 for ₦2,000. The asset was purchased in 1996 at a cost of ₦10,000 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?

Options

A) ₦8,000

B) ₦6,000

C) ₦4,000

D) ₦2,000

The correct answer is C.


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