On January 1, 2017, the Accumulated Depreciation—Machinery 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?

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The change in Accumulated DepreciationMachinery account from 1480000 at the beginning of the year to ... View the full answer