Question: Longworth Partnership purchased a machine for $ 5 8 , 2 5 0 to use in its business. In year 3 , Longworth sold the

 Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,200.

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

a. What are the amount and character of the gain or loss Longworth will recognize on the sale?

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