40. In year 0, Canon purchased a machine to use in its business for $56.000. In year 3, Canon sold the machine for $42.000. Between the date of the purchase and the date of the sale. Canon depreciated the machine by $32,000. LO 11-3 a) What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? b) What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation? c) What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were increased to $60,000? d) What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000