11 Part 2 of 3 0.25 points ! 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 $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. (Loss amounts should be indicated by a minus sign. Leave no answer 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 $61,750? X Answer is not complete. Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) 1231 gain/(loss) $ 61,750 X 12 Part 3 of 3 25 oints 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 $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 11-41 Part-c (Algo) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $18,500? X Answer is not complete. Description Amount Total Gain/(Loss) Recognized Character of Recognized Gair Loss): Ordinary Gain/(Loss) 1231 gain/(loss) 18,500 X