JAMB Principles of Accounts 2005 Question 18

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 net book value of the piece of equipment at the time of sale was

1. A.₦96 000
2. B.₦48 000
3. C.₦36 000
4. D.₦24 000