[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 $ 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. Problem 11-40 Part-a (Static) a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partners Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): 69 $ Amount 18,000 Ordinary Gain or (Loss) 1231 gain or (loss) $ 0