In year 0, Longworth Partnership purchased a machine for $46,250 to use in its business. In year 3, Longworth sold the machine for $34,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,700. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-b (Algo) 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 $60,500 ? Answer is complete but not entirely correct