Use the following information to answer the given question

Motor vehicles(at cost) 1/1/2002 ———————–₦1,000,000

Addition to motor vehicles 1/7/2003 —————–  ₦600,000

Depreciation rate 10%

Using the reducing balance method, the depreciation charged for the year 2003 was?

A. ₦160,000
B. ₦150,000
C. ₦130,000
D. ₦120,000

Correct Answer: Option B

B. ₦150,000