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?

ork-CH11 Swed Submit Check my w 1 Part 1 of 4 Required information [The following information applies to the questions displayed below) In year o 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. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable) points Sipped a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? ico Amount Description Total Gain/06) Recognized Character of Recognized Gain (Loss): Ordinary GainLoss) $1231 gain floss)