Required information Problem 11-41 (LO 11-3, LO 11-4) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $64,000 to use in its business. In year 3, Longworth sold the machine for $37,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 11-41 Part-b b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,500? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/loss)