Using the straight line method, what is he net book value at the beginning of the year 3?

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is he net book value at the beginning of the year 3?

A N540,000

B N492,00

C N438,000

D N437,400

Answer is B

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