The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: 
PLANT AND MACHINERY – COST  
                                                         
20X3                                                                     20X3  
1 Jul Balance                           240,000           30 Sep Transfer disposal account  60,000 
20X4                                                                     20X4  
1 Jan Cash–purchase of plant  160,000      30 Jun Balance                          340,000 
                                                400,000                                                              400,000 
The company's policy is to charge depreciation at 20% per year on the reducing balance basis, with proportionate depreciation in the years of purchase and disposal. What should be the depreciation charge for the year ended 30 June 20X4?