Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) The following intormation applies to the questions displayed below) In year 0, Longworth Partnership purchased a machine for $50,500 to use in its business. In year 3 , Longworth sold the machine for $35,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,600. Note: tous amounts should be indicoted by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 11-41 Part-a (Algo) Q. Whot ate the amount and character of the gain or loss Longworth will recognize on the sale? 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 $54,250 ? c. What are the amount and character of the gain or loss Longworth will recognize on the salc if the sale proceeds are decreased to $16,100