To determine the yearly depreciation using the straight-line method, we need to know the cost of the asset, its useful life, and its scrap value. However, since the question only provides the scrap value (N15,000) and does not specify the cost of the asset or its useful life, we cannot directly calculate the depreciation. Step-by-Step Explanation

1. Understanding Straight-Line Depreciation:
2. The straight-line method of depreciation spreads the cost of an asset evenly over its useful life. The formula for calculating annual depreciation is: [ \text{Annual Depreciation} = \frac{\text{Cost of Asset} - \text{Scrap Value}}{\text{Useful Life}} ]
3. Here, the "Cost of Asset" is the initial purchase price of the asset, "Scrap Value" is the estimated residual value at the end of its useful life, and "Useful Life" is the duration (in years) over which the asset is expected to be used.
4. Given Information:
5. Scrap Value = N15,000
6. We do not have the Cost of Asset or Useful Life.
7. Analyzing the Options:
8. The options provided are:
   • A. N11,000
   • B. N7,000
   • C. N4,000
   • D. N24,000
9. Since we do not have the necessary information to calculate the depreciation, we cannot definitively choose an option based solely on the scrap value.
10. Why Option C is Incorrect:
11. The current recorded correct option is C (N4,000), but without knowing the cost of the asset and its useful life, we cannot confirm this as the correct answer. The calculation of N4,000 could only be correct if the cost of the asset and useful life were such that: [ \frac{\text{Cost of Asset} - 15,000}{\text{Useful Life}} = 4,000 ]
12. However, since we lack this information, we cannot validate this option.
13. Why Other Options are Incorrect:
14. Similarly, options A (N11,000), B (N7,000), and D (N24,000) cannot be validated without the cost of the asset and its useful life. Each of these options would require specific values for the cost and useful life to be correct.

Common Pitfalls

• Assuming Values: Students may assume values for the cost of the asset or useful life without justification, leading to incorrect calculations.
• Misunderstanding Scrap Value: Scrap value is not the amount depreciated; it is the value remaining after depreciation. It must be subtracted from the cost of the asset to find the depreciable amount.

Revision Summary

• Straight-line depreciation formula: (\text{Annual Depreciation} = \frac{\text{Cost of Asset} - \text{Scrap Value}}{\text{Useful Life}}).
• Scrap value is the estimated residual value of an asset at the end of its useful life.
• Without the cost of the asset and its useful life, we cannot calculate depreciation accurately.
• Always ensure you have all necessary information before attempting to solve depreciation problems.

In conclusion, the question lacks sufficient information to determine the correct answer, and thus, we cannot definitively state that option C (N4,000) is correct without additional context.