On December 31, 2020, after the adjusting entries were posted, the Accumulated DepreciationMachinery account of Klopp had a balance of $882,000. During 2020, one of the machines that cost $387,000 was sold for $215,000 cash. This resulted in a loss of $20,000. Depreciation expense for 2020 was $72,000. Assuming that no other assets were disposed of during the year, how much was the accumulated depreciation balance on January 1, 2020?

Multiple Choice

• $942,000

• $962,000

• $822,000

• $802,000