A company acquired an item of plant for 15 million on 1 July 20X1. At the time of the purchase, the plant had an estimated residual value of 1 million and a useful life of eight years. At 1 July 20X5, the company decided to update the residual value to 1.6 million with no change in its useful life. The new depreciation of the plant will be: O A. 1.875 million OB. 1.75 million OC. 1.675 million OD. 1.6 million