Assume the following details for equipment that was purchased on January 1, 2019: Purchase Price: $3,000,000 Estimated Useful Life: 20 years Estimated Useful Life: 5,000,000 units Estimated scrap (residual) value: $100,000 Production in year 1 (2019) 300,000 units Production in year 2 (2020) 200,000 units Production in year 3 (2021) 150.000 units The company follows the straight line method of depreciation for this asset. It is sold on July 1, 2024 for $2,300,000. The company's year-end is December 31. Required: 1. Calculate the annual depreciation expense for this asset. (2 marks) 2. Calculate the carrying amount on July 1, 2024, the date of the sale. (2 marks) 3. Calculate the gain or loss that will be recorded when the asset is sold; you must indicate whether the amount is a "gain" or "loss". (1 mark)