On January 1, 2017, the Accumulated DepreciationMachinery account of a particular company showed a balance of $1,480,000. At the end of 2017, after the adjusting entries were posted, it showed a balance of $1,580,000. During 2017, one of the machines which cost $500,000 was sold for $242,000 cash. This resulted in a loss of $16,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2017?