Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,400, 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 $47,500? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displaycd below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,400. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11.41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100, Between the dote of the purchase and the date of the sale, Longworth depreciated the machine by $29,400. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-c (Algo) What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to 9.300? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,400, 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 $47,500? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displaycd below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,400. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11.41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0 , Longworth Partnership purchased a machine for $41,250 to use in its business. In year 3, Longworth sold the machine for $38,100, Between the dote of the purchase and the date of the sale, Longworth depreciated the machine by $29,400. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-c (Algo) What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to 9.300