In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,200. (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.)

1) Total gain/(loss) recognized _______

2) Character of recognized gain/(loss)______

3) Ordinary gain/(loss) _______

4) 1231 gain/(loss) ________

b) What amount of gain (loss) is recognized on the sale if the sale proceeds were increased to $66,750?

1) Total gain/(loss) recognized ___

2) Character of recognized gain/(loss)__________

3) Ordinary gain/(loss)__________

4) 1231 gain/(loss)_________

c) What amount of gain (loss) is recognized on the sale if the sale proceeds were decreased to $16,400? (Leave no answer blank. Enter zero if applicable.) 1) Total gain/(loss) recognized ___ 2) Character of recognized gain/(loss)__________ 3) Ordinary gain/(loss)__________ 4) 1231 gain/(loss) (10,900) I have this answer and I know this is correct