This Question: 1 pt 2 of 12 (1 complete) This Test: 12 pts possil The cost of an asset is $1,060,000, and its residual value is $240,000. Estimated useful life of the asset is five 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) O A. $212,000 OB. $328,000 OC. $164,000 OD. $424.000