Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below) On August 1 of year 0. Dirksen purchased a machine for $33,000 to use in its business, On December 4 of year o Dirksen sold the machine for $31,250. Use MACRS Table (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-a (Algo) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Amount $ 2,000 Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain(Loss) $1231 gain (loss) $ 2,000 $ 0 15 16