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Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a

Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a machine for $52,000 to use in its business. In year 3, Longworth sold the machine for $40,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,400. (Loss amounts should be indicated by a minus sign. Leave no answer 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 $63,250? Description Amount Total Gain/(Loss) Recognized $ 42,650 Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $ 31,400 1231 gain/(loss) $ 11,250 ! Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a machine for $52,000 to use in its business. In year 3, Longworth sold the machine for $40,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,400. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 11-41 Part-c (Algo) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $19,100? Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) Amount $ (1,500) S $ (1,500)

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