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

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Accounting

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Required information Problem 3-41 (LO 3-3, LO 3-4) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 3-41 Part-a a. What is the amount and character of the gain or loss Longworth will recognize on the sale? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)

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