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

In year O$,$ Longworth Partnership purchased a machine for $$55,500$ to use in its business. In year $3,$ Longworth sold the

machine for $$38,600.$ Between the date of the purchase and the date of the sale, Longworth depreciated the machine by

$$28,200.$

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

b$.$ What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to

$$66,750?$