On January 1, 2020, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $1.480,000. At the end of 2020, after the adjusting entries were posted, it showed a balance of $1,580,000. During 2020, 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 2020? a) $342.000 b) $374,000 Oc) $100,000 d) $242.000 Previous Page Next Page Page 44 of 44