Neco Model Questions Vol1 2022 Financial Accounting Question 30
Practice objective / multiple choice question 30 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
A machine was purchased on 1 January 2020 for \(\text{₦}500,000\). Its original estimated useful life was 5 years with a residual value of \(\text{₦}50,000\). Depreciation is charged using the double‑declining‑balance method. After two years, the company revises the residual value to \(\text{₦}80,000\) and the remaining useful life to 3 years. Calculate the depreciation expense for the third year (the year ending 31 December 2022) under the revised estimates.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 30. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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