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Accounts (Principles of Accounts) · Depreciation of non-current assets

Accounts (Principles of Accounts)Depreciation of non-current assetsJAMB

A lorry cost ₦2,400,000, has a residual value of ₦400,000 and a useful life of 4 years. Find the annual straight-line depreciation.

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Answer: C. ₦500,000

(2,400,000 − 400,000)/4 = ₦500,000.

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