Cyuncu HIVIITTOLIUI Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.) On August 1 of year 0. Dirksen purchased a machine for $33,000 to use in its business. On December 4 of year 0. Dirksen sold the machine for $31250. Use MACRS Table (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-b (Algo) w b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Amount $ 33.000 Description Total Gain (Loss) Recognized Character of Recognized Gain/(Loss) Ordinary Gair(Loss) $1231 gaivioss) $ 33,000