Teal Ltd. owned several manufacturing facilities. On September 15 of the current year, Teal decided to sell one of its manufacturing buildings. The building had cost $9,240,000 when originally purchased 7 years ago, and had been depreciated using the straight-line method with no residual value. Teal estimated that the building had a 35-year life when purchased.

Prepare the journal entry to record the sale of the building on Teal's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,572,000 cash.