XYZ, Inc. purchased an office building on October 1, 2020, that was put on the books at $800,000. The building is expected to be used for 35 years and at the end of the 35 years will be sold for an estimated selling price of $100,000. XYZ closes its books at the end of every calendar year. XYZ, Inc. uses the straight-line method of depreciation. Based on this information, which of the following is correct?

A. Depreciation Expense at 12/31/20 is $20,000.

B. Accumulated Depreciation at 12/31/20 is $20,000

C. Depreciation Expense at 12/31/2021 is $5,000

D. Accumulated Depreciation at 12/31/21 is $25,000