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In year 0, Longworth Partnership purchased a machine for $44,750 to use in its business In year 3. Longworth sold the machine for $39,300. Between
In year 0, Longworth Partnership purchased a machine for $44,750 to use in its business In year 3. Longworth sold the machine for $39,300. Between the date of the purchase and the date of the sale. Longworth depreciated the machine by $23,100. (Loss amounts should be indicated by a minus sign.) a. What amount of gain (loss) is recognized on the sale? (Leave no answer blank. Enter zero if applicable.) b. What amount of gain (loss) is recognized on the sale if the sale proceeds were increased to $66,250? c. What amount of gain (loss) is recognized on the sale if the sale proceeds were decreased to $18,200
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