Required information [The following information applies to the questions displayed below.) On August 1 of year , Dirksen purchased a machine for $24,000 to use in its business. On December 4 of year 0. Dirksen sold the machine for $21,750. Use MACRS Table. (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.) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/loss) Table 1 MACRS Half-Year Convention 20-Year 3.750% 7.219 Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 33.33% 20.00% 14.29% 10.00% 5.00% 44.45 32.00 24.49 18.00 9.50 14.81 19.20 17.49 14.40 8.55 7.41 11.52 12.49 11.52 7.70 11.52 8.93 9.22 6.93 5.76 8.92 7.37 6.23 6.677 6.177 5.713 5.285 8.93 5.90 4.888 6.55 6.55 4.46 5.90 4.522 6.56 5.91 4.462 5.90 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 6.55 3.28 4.461 4.462 5.91 5.90 4.461 4.462 5.91 5.90 4.461 5.91 4.462 4.461 2.95 4.462 4.461 4.462 4.461 2.231