#2

Required Information [The following Information applles to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3 , Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreclated the machine by $28,200. Note: Loss amounts should be Indicated by a minus sign. Leave no answer blank. Enter zero if applicable. a. What are the amount and character of the gain or loss Longworth will recognize on the sale