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) $

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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) $

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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

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