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Required information The following information applies to the questions displayed below On August 1 of...

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Accounting

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Required information The following information applies to the questions displayed below On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero if applicable.) Part 2 of 2 0.22/0.65 points awarded b. What is the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? (Round other intermediate computations to the nearest whole dollar amount.) Scored Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): S 18,000 Ordinary Gain (Loss) $1231 gain/(loss) S 5,200

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