Problem $11-41($LO $11-3,$ LO $11-4)($Algo$)$

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In year $0,$ Longworth Partnership purchased a machine for $$50,500$ to use in its business. In year $3,$ Longworth sold the machine for $$35,200.$ Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $$26,600.$

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?