A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120 . Using the diminishing balance method, what is the amount of depreciation for second year?

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

A ₦5,120

B ₦6,400

C ₦8,000

D ₦12,500

Answer is C