Question: please help soon! Required information Problem 11-41 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] In year 0 ,
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 $45,250 to use in its business. In year 3 , Longworth sold the machine for $40,100. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,300. Note: Loss amounts should be indicated by a minus sign. Leave no answer 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
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