$14$

$9$

Part $1$ of $3$

Required information

Problem $11-41($LO $11-3,$ LO $11-4)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Sklpped

In year $0,$ Longworth Partnership purchased a machine for $$52,000$ to use in its business. In year $3,$ Longworth sold the machine for $$40,900.$ Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $$31,400.$

Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.

Problem $11-41$ Part$-$a $($Algo$)$

a$.$ What are the amount and character of the gain or loss Longworth will recognize on the sale?

$\backslash$table$[[$Description$,$Amount$],[$Total Gain or $($Loss$)$ Recognized,$],[$Character of Recognized Gain or $($Loss$)$:$,],[$Ordinary Gain or $($Loss$),],[$$$1231$ gain or $($loss$),]]$