Use the following information to answer this question An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on...

The asset was purchased for N20,000 and depreciated at a rate of 20% per annum on cost. After three and a half years, the total depreciation provided would be 20% * 3.5 = 70%. The accumulated depreciation would be N20,000 * 70% = N14,000. The net book value at the time of sale can be calculated by subtracting the accumulated depreciation from the original cost of the asset. Net Book Value = Cost of Asset - Accumulated Depreciation Net Book Value = N20,000 - N14,000 = N6,000 Therefore, the net book value at the time of sale was N6,000. N6,000, is the correct answer.