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. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? Description Amount Total Gain/(Loss) Recognized $ 18,000 Character of Recognized Gain/(Loss): 18,000 Ordinary Gain/(Loss) $ $1231 gain/(loss) $