Homework Help Save & Exit Check my Requirea information Problem 11-41 (LO 11-3, LO 11-4) (The following information applies to the questions displayed below.) In year o Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3. Longworth sold the machine for $42.400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero i applicable.) Problem 11-41 Part-a a. What is the amount and character of the gain (loss) Longworth will recognize on the sale? Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain (loss)