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In year O, Longworth Partnership purchased a machine for $46,250 to use in its business. In year 3, Longworth sold the machine for $34,700.

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In year O, 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. c. What are the amount and character of the gain or Joss Longworth will recognize on the sale if the sale proceeds are decreased to $19,500? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) 51231 gain or (loss) Amount

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