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 annual depreciation rate for this asset is 20%, which means that every year, the value of the asset decreases by 20% of its original cost. Therefore, the accumulated depreciation for the asset at the time of sale can be calculated as follows: Depreciation for 1992 = N20,000 x 20% = N4,000 Depreciation for 1993 = N20,000 x 20% = N4,000 Depreciation for 1994 = N20,000 x 20% = N4,000 Depreciation for 1995 (up to 1st July) = N20,000 x 20% x 6/12 = N2,000 Total accumulated depreciation = N4,000 + N4,000 + N4,000 + N2,000 = N14,000 Therefore, the accumulated depreciation at the time of sale was N14,000.