5 Required information [The following information applies 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 depreciated the machine by $28,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) 8 0153:15 a. What is the amount and character of the gain or loss Longworth will recognize on the sale? Amount Description Total Gain Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain (Loss) $1231 gairloss)