Question 6 (1 point) The cost of an asset is $1,160,000, and its residual value is $160,000. Estimated useful life of the asset is four years. Calculate depreciation for the first year using the double-declining- balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) A) $250,000 B) $290,000 C) $500,000 D) $580,000