Required information

$[$The following information applies to the questions displayed below.$]$

In year $0,$ Canon purchased a machine to use in its business for $$56,000.$ In year $3,$ Canon sold the machine for $$42,000.$

Between the date of the purchase and the date of the sale, Canon depreciated the machine by $$32,000.$

Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.

d$.$ What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the

sale proceeds were decreased to $$20,000?$