Required Information Problem 3-41 (LO 3-3, LO 3-4) (Algo) [The following Information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the machine for $36,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero If applicable. Problem 3-41 Part-a (Algo) 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