Jacobson Manufacturing Corporation earned $87,000 in profit during 2020. Machinery was sold for $117,000 and a $27,000 loss on the sale was recorded. Machinery purchases totalled $350,000 including a July purchase for which an $112,000 promissory note was issued. Bonds were retired at their face value, and the issuance of new common shares produced an infusion of cash. Jacobson's comparative balance sheets were as follows: Jacobson Manufacturing Corporation Comparative Balance Sheet Information (in thousands) Assets Cash Accounts receivable Merchandise inventory Machinery Accumulated depreciation Total assets Liabilities and Equity Accounts payable Notes payable Dividends payable Bonds payable Common shares Retained earnings Total liabilities and equity December 31 2020 $ 144 236 388 2019 $ 108 286 350 1,750 1,660 (270) (290) $2,248 $2,114 $ 466 $ 534 336 250 48 36 244 344 800 640 354 310 $2,248 $2,114 Required: (Enter amounts in thousands, as per balance sheet above. List any deduction in cash and cash outflows and loss as negative amounts.) 1. What was Jacobson's depreciation expense in 2020? Answer is complete but not entirely correct. Depreciation expense $ 96,000