The balance on an entity's plant and machinery account on 1 January 20X2 was 5,000. During that year the following transactions took place on the dates shown:- 1 May 20X2 Plant which had originally cost 750, was sold 1 September 20X2 New machinery costing 3,000 was purchased If depreciation is calculated at a rate of 10% per annum, on a strict time basis, using the straight line basis, the depreciation charge on plant and machinery for the year to 31 December 20X2, to the nearest pound is: O a. 525. O b. 550. Oc. 600. Od. 625