· Company D purchased a building on January 1, 2022, for $500,000. The building has an estimated useful life of 40 years and a residual value of $50,000. Using the straight-line method, calculate the annual depreciation expense for the building. If Company D sold the building on December 31, 2023, for $480,000, record the journal entry to recognize the sale and calculate the gain or loss on disposal.