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A piece of equipment costing N120,000 was purchased on 1/...

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A piece of equipment costing N120,000 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 N31,500.

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

A.

N96,000

B.

N48,000

C.

N36,000

D.

N24,000

Correct answer is C

No explanation has been provided for this answer.