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JAMB - Accounts Principles Of Accounts (2018 - No. 53)

A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?
N4,000
N7,000
N11,000
N24,000

Explanation

\(35000 - 15000\) = \(20000 \times\frac{1}{5}\)

= N4000

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