On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?
A N10,000 loss
B N2,000 loss
C N6,000 gain
D N8,000 gain
Answer is C
