On January 1, 2020, the Accumulated DepreciationMachinery account of a particular company showed a balance of $1490000. At the end of 2020, after the adjusting entries were posted, it showed a balance of $1600000. During 2020, one of the machines which cost $495000 was sold for $243000 cash. This resulted in a loss of $15100. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2020?

$346900

$377100

$243000

$110000