Use the information below to answer questions . Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................N1950 000 Dec.31, Addition ............ N400 000 Credit: Jan. 1, Depreciation ........N1360 000 June 30, Sales proceeds...... N700 000 The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost. Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?
