On January 1,2020, the Accumulated Depreciation-Machinery account of a particular company showed a balance of...
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On January 1,2020, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $1470000. At the end of 2020 , after the adjusting entries were posted, it showed a balance of $1590000. During 2020 , one of the machines which cost $505000 was soid for $241000 cash. This resulted in a loss of $16300. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2020 ? $241000$400300$367700$120000
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