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Required information Problem 11-41 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a
Required information Problem 11-41 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,000. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-a (Static) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) 1231 gain or (loss) Amount
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