23 The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows Plant and machinery - cost 20X5 1 Jan Balance byf 30 Jun Cash purchase of plant 240,000 160,000 20X5 31 Mar Transfer to disposal account 31 Dec Balance c/f 60,000 340,000 400,000 400,000 The company's policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal What should be the depreciation charge for the year ended 31 December 20X5? A $68,000 B $64,000 C $61,000 D $55,000