I

Required information

$[$The following information applies to the questions displayed below.$]$

In year $0,$ Longworth Partnership purchased a machine for $$48,000$ to use in its business. In year $3,$ Longworth sold the machine for $$41,100.$ Between the date of the purchase and the date of the sale, Longworth depreciated the mache by $$28,400.$

Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.

b$.$ What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $$52,500?$

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