Required information [The following information applies to the questions displayed below. On August 1 of year O, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year O, Dirksen sold the machine for $18,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero if applicable.) b. What is 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? (Round other intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Description Amount $ 5,200 Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) 1231 gain/(loss) $ 5,200