In year 0, Longworth Partnership purchased a machine for $52,750 to use in its business. In year 3, Longworth sold the machine for $39,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,300. (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.)

Total gain/loss recognized?___________

Ordinary gain/loss?_______________

1231 gain/loss/_______0_______

b) What amount of gain (loss) is recognized on the sale if the sale proceeds were increased to $62,250?

Total gain/loss?________________

Ordinary gain/loss?_____22,300__________

1231 gain/loss/______________

c) What amount of gain (loss) is recognized on the sale if the sale proceeds were decreased to $17,100? (Leave no answer blank. Enter zero if applicable.) Total gain/loss?______________ Ordinary gain/loss?_______0________ 1231 gain/loss/______________