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  3. in year 0, longworth partnership purchased a machi

In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business....

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Accounting

In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3, Longworth sold the machine for $44,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,900.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
\table[[Descriptlon,Amount],[Total Gain or (Loss) Recognized,],[Character of Recognized Gain or (Loss):,],[Ordinary Gain or (Loss),],[$1231 gain or (loss),]]
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