JAMB Principles of Accounts 2005 Question 17

Use the information below to answer questions 17 and 18.
A piece of equipment costing ₦120 000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31 500.
The accumulated depreciation provision at the time of sale was

1. A.₦12 000
2. B.₦60 000
3. C.₦72 000
4. D.₦84 000