On January 1, 2020, the Accumulated Depreciation—Machinery 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 $1580000. During 2020, one of the machines which cost $505000 was sold for $244000 cash. This resulted in a loss of $15300. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2020?

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