Waec Model Questions Vol1 2021 Financial Accounting Question 22
Practice objective / multiple choice question 22 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
A machine was purchased for ₦500,000 on 1 March. It was originally estimated to have a useful life of 5 years and a salvage value of ₦50,000, and depreciation is charged on a straight‑line basis. After two full years, management revises the remaining useful life to a total of 4 years (i.e., 2 years remaining) and reduces the salvage value to ₦30,000. Assuming the first year's depreciation is prorated for the 10 months from March to December, calculate the depreciation expense to be recorded for the third year (the year ending 31 December of the third year).
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 22. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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