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Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3. Longworth sold the machine for $36,700. Between the date of the purchose and the date of the sale, Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below] In year 0 , Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the machine for $36,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-b (Algo) What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to 61,250? Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applles to the questions displayed below] In year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the machine for $36,700. Between the date of the purchase and the date of the sole. Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero If applicable. Problem 11.41 Part-c (Algo) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $18,300