Question 1 Not yet answered Marked out of 2.00 P Flag question An asset was purchased for 1,000,000 on the 1 January 2018. On the date of purchase it was estimated to have useful economic life of 5 years and residual value of 100,000. For the year ended 31 December 2019, the residual value was revised to 120,000. Calculate the depreciation expense for the year ended 31 December 2019