WAEC Financial Accounting 1996 Question 9

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was sold on 30th June 1994 for N15,750.
The net book value of the equipment at the time of sale was

1. A.N48,000
2. B.N36,000
3. C.N24,000
4. D.N18,000
5. E.N12,000