JAMB Accounting 2014 Objective — Question 19
Question 19 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method, depreciation charged for two years will be
- A. N700,000
- B. N240,000
- C. N220,000Correct
- D. N202,000
Explanation
Depreciation per year = (600,000−50,000)/5 = N110,000. For two years = N110,000×2 = N220,000.
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