Time left 0:11:33 ABC Lid purchased a new equipment on 1 July 2023 at a cost of $590,000. The estimated useful life of the equipment is 5 years and the residual value is $45,000. ABC Ltd depreciates the equipment using the reducing balance method with the depreciation rate per annum of 40%. Calculate the amount of depreciation expense to be recorded in the financial year ending.30 June 2024: O a. 118,000 O b. 236,000 O c. 109,000 O d. 218,000 Clear my choice