On January 1, 2020, Nash Oil Limited constructs an oil-tanker depot at a cost of $7,000,000, paid in cash. The depot has an estimated useful life of 7 years and zero disposal value. After the 7 years, the company will be legally required to dismantle the depot and remove the underground storage tanks. The company estimates that it will cost $1,750,000 for the site restoration project. Nash's fiscal year ends on December 31 and its cost of capital is 6%. The company uses the straight-line method of depreciation. How much depreciation expense does the compnay recognize for the depot on December 31, 2020? (Note: Find the nearest amount.) Select one: A. $1,166,264. cross out B. $1,250,000 cross out C. $1,000,000 cross out cross out D. $1,476,522