hensive Problem Set $1$

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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 $$56,250$ to use in its business. In year $3,$ Longworth sold the machine for $$43,300.$ Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $$24,700.$

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 $$15,800?$

$\backslash$table$[[$Description$,$Amount$],[$Total Gain or $($Loss$)$ Recognized,$],[$Character of Recognized Gain or $($Loss$)$:$,],[$Ordinary Gain or $($Loss$),],[1231$ gain or $($loss$),]]$