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Required information Problem 11-41(LO 11-3, LO 11-4)(Algo) [The following information applies to...

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Accounting

Required information
Problem 11-41(LO 11-3, LO 11-4)(Algo)
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $56,250 to use in its business. In year 3, Longworth sold the machine for $43,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,700.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
Problem 11-41 Part-b (Algo)
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $57,400?
\table[[Description,Amount],[Total Gain or (Loss) Recognized,],[Character of Recognized Gain or (Loss):,],[Ordinary Gain or (Loss),],[$1231 gain or (loss),]]
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