WAEC Financial Accounting 1994 Question 46

A machine bought for ₦7,000 was estimated to have a useful life of 4 years and a scrap value of ₦500. Using the straight line method, what was the amount of depreciation charged per annum?

1. A.₦1,313
2. B.₦1,406
3. C.₦1,625
4. D.₦1,750
5. E.₦1,875.