Required information Problem 11-41 (LO 11-3, LO 11-4) The following information applies to the questions displayed below] In year O, Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 11-41 Part-c c. What is the amount and character of the gain (loss) Longworth will recognize on the sale if the sale proceeds are decreased to $21,600? Character of Ordinary Gain/(Loss) $1231 gain/(loss)