Required information Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $37,250 to use in its business. On December 4 of year 0, Dirksen sold the machine for $30,250. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Problem 11-42 Part-b (Algo) b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? > Answer is complete but not entirely correct. Description Amount Total Gain or (Loss) Recognized $ (2,884) X Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $ (2,884) 1231 gain or (loss) $ 0